12, April 2016

EUR/USD (a 4-hour chart)

EUR/USD (a 4-hour chart)

General overview

No important news were published on Monday. Earlier the published Trade Balance in Germany for February supported the euro. The index grew to 19.8B Euros from 18.7B. Imports and exports increased by 0.4% and 1.3% vs. the forecast of -0, 3% and + 0.5% respectively.

The first support lies at 1.1350 and then at 1.1260. The first resistance stands at 1.1450, the next one is at 1.1550.

There is a confirmed and a strong buy signal. The price is above the Ichimoku Cloud and it is above the Chinkou Span. The Tenkan-sen shows an upward movement and the Kijun-sen shows a horizontal movement forming a “Golden Cross”. The upward movement will be until the price is above the Cloud.

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

Trading recommendations

We expect the 1.1450 line break that will open the way for the buyers to 1.1550.