11, March 2014

EUR/USD (a 4-hour chart)

EUR/USD (a 4-hour chart)

General Overview

Euro attempts to keep growing up were successful only in the first half of the trading – right before The American session had begun. European currency strengthened versus the dollar and even was noted at the new local marks. That position was supported by the previous session, when M. Draghi's press-conference weakened expectations about the future monetary offset in Eurozone.

The first support level is 1.3880, and the next one is 1.3800. The resistance level is 1.3925.

There is a strong northern movement. The price is above the Cloud and below the Chinkou Span. The upward movement will be until the Kijun-Sen is above the price. The Tenkan-Sen is crossing the Kijun-Sen upward. Both lines are horizontal.

Bollinger Bands indicator is broadening showing high market volatility.
The histogram is in the positive area. The indicator is growing, giving a signal to buy the euro currency.

Trading recommendations

A pullback down is expected. The potential goal will be the support level 1.3800, which has been an insurmountable resistance for a long while.

The formation of the consolidation in the area 1.3800 may be considered as a sign of an upward trend continuation. The main growth targets will be 1.3900, 1.3950 also the test of 1.4000 is possible.