12, July 2013

EUR/USD (a 4-hour chart)

EUR/USD (a 4-hour chart)

General Overview

Analysis of the Forex market for July 12th shows that the price is in the upward trend now. The current buy signal is strong and confirmed as Chinkou span is above the price and the price is above the Ichimoku cloud.

The price corrected back to 1.3000 yesterday. The upward movement will be continued as long as the price is above the Kijun-Sen.

Chinkou Span is above the price that is a confirmation of the current buy signal. The Kijun-Sen and Tenkan-Sen are directed upwards. The Cloud has a neutral formation.

Bollinger Bands indicator shows an upward movement, its bands are broadening.
MACD is in a positive area, indicating the current upward movement. The histogram is growing.

Trading Recommendations

The pair remains in the upward trend and continues to challenge the previous high.
We can recommend a "long" position above the pivot point 1.302 with pegs resistance levels 1.3205 and 1.325.

Otherwise, the entry of the pair to 1.302 may entail support levels 1.2915 and 1.295.