EUR/USD (a 4-hour chart)
The euro short-term correction cycle is coming to its logical conclusion. The pair EUR/USD proved to be one of the major beneficiaries of the risky assets sales, connected with the commodities market collapse. The pair was also supported by the Germany trade balance data. The November trade surplus amounted to 20.8 billion euros in the Eurozone largest country against the forecast of 20 billion and the previous value at the level of 19.2 billion.
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 shows an upward movement and the Kijun-sen shows a horizontal movement. The upward movement will be until the price is above the Cloud.
The MACD indicator is in a positive territory. The price is correcting.
After the support level of 1.0925 breakthrough the downward movement will be continued. The potential decrease targets are two levels of support: 1.0800 and 1.0730