10, December 2015

EUR/USD (a 4-hour chart)

EUR/USD (a 4-hour chart)

General overview

The Eurozone third quarter GDP final data did not move the euro as the result coincided with the forecasts and with the preliminary estimate which does not look impressive. The region economy grew by 0.3% q/q and 1.6% y/y in the last quarter. The euro received the main support from the purchases as a funding currency amid the risk aversion that put pressure on the stock indices.

The price is finding the first support at 1.0925, the next one is 1.0800. The price is finding the first resistance at 1.1050, the next one is at 1.1150.

There is a confirmed and a strong buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show an upward movement. The upward movement will be until the price is above the Cloud.

The MACD indicator is in a positive territory. The price is growing.

Trading recommendations

If the price fixates below the support 1.0925, it may continue the downward trend in the short term. The potential target is 1.0800.