12, November 2013

EUR/USD (a 4-hour chart)

EUR/USD (a 4-hour chart)

General Overview

The European currency has been among the outsiders once again for the second week in a row, although the indicators of foreign trade of Germany in September were better than expected, the situation of the euro has not been changed.
Today we expect a range trading limited by the levels 1.3315-1.3440.
The bears dominate on the market. The pair is in a bullish trend. Chinkou Span is above the price, and the price is fixed below the Ichimoku cloud, the sell signal is strong and confirmed. Tenkan-Sen and Kijun-sen are directed down, both lines are horizontal. The Cloud is going down as well.

The downward movement remains as long as the Kijun-sen is located below the price.

Bollinger Bands show a continuation of a southern movement. The bands are broadening, being directed downwards.
The MACD histogram is in a negative area, its volumes are reducing.

Trading recommendations

The levels where the pair will either temporary stop or rebound are 1.3325 and 1.3210 - 1.3200. The potential target is the strong support level located at the level 1.3100.