14, July 2015

EUR/USD (a 4-hour chart

EUR/USD (a 4-hour chart)

General overview

Currency market wins back the creditors’ “Greek debt” decision. Despite the various differences between the parties were still able to reach a consensus, which is a positive factor for the euro. There has been a moderate price increase. The upward trend was also observed on the European stock market as the financial risks were mitigated. However, after it became known that Greece has made concessions to the creditors the pair sharply declined

There was the resistance of 1.1050 breakthrough last week. The breakthrough came in the second times and allowed buyers to deploy a downward trend upward. Also they tested the strong resistance level of 1.1150. The price rebounded downwards from this level and broke down the support level of 1.1050.

The price is finding the first support at 1.0925, the next one is 1.0790. The price is finding the first resistance at 1.1050, the next one is at 1.1150.

There is a non-confirmed and a weak sell signal. The price is on the Cloud and it is under the Chinkou Span. The Tenkan-sen shows a horizontal movement and the Kijun-sen shows an upward movement. The downward movement will be until the price is under the Cloud.

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

Trading recommendations

The upward bounce potential target are 1.1050, 1.1150.