16, June 2015

EUR/USD (a 4-hour chart)

EUR/USD (a 4-hour chart)

General overview

The United States has published the May industrial production statistics. The May manufacturing sector ISM indicator has increased by 1.3 p that allowed to count on the positive data output. In addition, there was the Greece and Germany significant bond yields which again may put pressure on the euro. It should also be noted that most of the investors will take a wait in anticipation of the Fed meeting.

The market was opened with a price gap. The gap was closed after the resistance level of 1.1260 testing.

The price is finding the first support at 1.1150, the next one is 1.1050. The price is finding the first resistance at 1.1260, the next one is at 1.1450.

There is a confirmed and a strong buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement and from a “Dead Cross”. The upward movement will be until the price is above the Cloud.

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

Trading recommendations

The buyers need to break above 1.1260 for a steady growth.