12, February 2014

EUR/USD (a 4-hour chart)

 EUR/USD (a 4-hour chart)

General Overview

The European currency continued its growth versus the dollar and at a yesterday’s session, however the single currency purchase was explicitly reserved; eventually Euro grew very significantly.

The pair broke the resistance at the level 1.3550–1.3660 and if it is able to stay above the upper boundary of the region, the growth will be continued to the resistance 1.3830 and probably further to 1.4000.

There is a strong northern movement. The buy signal is confirmed and strong. The price is above the cloud and below the Chinkou Span. The upward movement will be until the Kijun-Sen is below the price. The Kijun-Sen and Tenkan-Sen are directed upwards.

Bollinger Bands is broadening being directed upward.
MACD is in a positive area, the histogram is growing.

Trading recommendations

A 1.3650 breakthrough has occurred. The volumes do not show strong activity, buyers are weak.
A breakthrough 1.3700 upwards with subsequent movement to the level of resistance 1.3800 is expected.