13, November 2013

EUR/USD (a 4-hour chart)

EUR/USD (a 4-hour chart)

General Overview

The U.S. dollar fell against the euro and changed a little against other currencies as there was no important news, in addition there was a day off in the United States, Canada and France. State institutions in the U.S. were closed on the occasion due to Veterans Day, the debt market was not working, only the stock market was open.

The euro rose against the dollar, it partially returned all its loses it made the last two days of the previous week. On Sunday night, the Greece government coalition was able to get the support of Parliament, despite the vote of no confidence on the part of the main opposition party.

The nearest resistance level is 1.3441. The pair is at the support level 1.3416.

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, Kijun-sen is horizontal, Tenkan-Sen is directed upwards. The Cloud is directed down.

The downward movement remains as long as the Kijun-sen is located above 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

We recommend going short after the breakdown of 1.3290 to 1.3220. It is better to place take-profit at 1.3330.