11, August 2014

EUR/USD (a 4-hour chart)

EUR/USD (a 4-hour chart)

General Overview

The European Central Bank decision was in the range of forecasts - the Eurozone regulator has not announced any changes in the parameters of monetary instruments. M. Draghi’s press conference has not brought no surprises either.

The sellers failed to break below the support level of 1.3345 three times, from which the current price is corrected upward. It should be noted that last week approach to the support level of 1.3345 occurred against the background of high volume.

The price is finding the support at 1.3360, the next one is at 1.3280. The price is finding the first resistance at 1.3420, the next one is at 1.3480.

There is a confirmed and weak sell signal. The price is under the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement. The downward movement will be until the price is under the Cloud.

The MACD indicator is in a negative territory. The histogram is growing.

Trading recommendations

The price is changing the course. We believe the price will grow. The first growth target is 1.3420, the next one 1.3480.