16, February 2016

EUR/USD (a 4-hour chart)

EUR/USD (a 4-hour chart)

General overview

The pair EUR/USD fell at the yesterday’s trades. Earlier the escape from the risky assets alongside with the contradictory Eurozone statistics became the reasons for the pair’s growth. The Eurozone economy grew by 0.3% q/q in the fourth quarter, exceeding the forecast. The ECB President Mario Draghi’s performance drew traders’ attention yesterday. According to him the economic recovery is happening at a moderate pace.

The first support lies at 1.1150 and then at 1.1050. The first resistance stands at 1.1260, the next one is at 1.1350

The price is in the Ichimoku Cloud and it is above the Chinkou Span. The Tenkan-sen shows a downward movement and the Kijun-sen shows a horizontal movement forming a “Dead Cross”.

The MACD indicator is in a negative territory. The price is decreasing.

Trading recommendations

The potential growth targets are the resistance levels: 1.1260, 1.1350.