13, February 2015

EUR/USD (a 4-hour chart)

 EUR/USD (a 4-hour chart)

General overview

The consolidation that we saw the last three trading days was fallowed by the growth. The United States will publish the retail sales release for January. The Michigan University consumer confidence leading indicators and the Conference Board showed an impressive growth in January which proves a high demand in the retail sector. The average earnings index grew by 0.5% in January which is extremely positive for the consumer activity.

The price is finding the first support at 1.1300, the next one is at 1.1170. The price is finding the first resistance at 1.1400, the next one is at 1.1520.

The price is in the Cloud and it is under the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement.

The MACD indicator is in a neutral territory. The price is correcting.

Trading recommendations

We suppose the pair will go to 1.1520 first. Having overcome the first target the price might go upwards to the level of 1.1590.