EUR/USD (a 4-hour chart)
European stock markets opened in the green zone. Investors were inclined to risk slowing down the growth of the single European currency. According to the Ministry of the Economy, Factory Orders in Germany strengthened in March due to the increased demand from countries outside the Eurozone (1.9% vs. expectations 0.7%). The figures for February were revised to -0.8% from -1.2%. Still the growth was short-term and the pair decreased be the end of trades.
The first support lies at 1.1350 and then at 1.1260. The first resistance stands at 1.1450, the next one is at 1.1550.
There is a non-confirmed and a weak sell signal. The price is under the Ichimoku Cloud and it is under the Chinkou Span. The Tenkan-sen shows a horizontal movement and the Kijun-sen shows a downward movement forming a “Dead Cross”. The downward movement will be until the price is under the Cloud.
The MACD indicator is in a negative territory. The price is decreasing.
We recommend going short with the first target – 1.1350. When the price consolidates below the first target it may go to the level 1.1260.