16, June 2014

EUR/USD (a 4-hour chart)

EUR/USD (a 4-hour chart)

General overview

The pair could get out of the low and then returned above its last trading range. The weak statistical data from the U.S. was the reason for this; therefore, we expect no less important news from the United States today to close the trading day with some volatility. The retail sales in the United States disappointed players. It is worth mentioning that this does not support the American economy, which depends on consumers.

The price is finding the first support at 1.3520, the next one is at 1.3480. The price is finding the first resistance at 1.3570, the next one is at 1.3610.

There is a confirmed and strong sell signal. The price is under the Cloud and it is under the Chinkou Span. The downtrend movement will be until the price is under the Kijun-Sen.

The MACD indicator is in negative territory.

Trading recommendations

We expect a decrease to the level 1.3480. The next growth wave can start after that. The growth wave target is the level 1.3670 breakdown.