16, September 2013

EUR/USD (a 4-hour chart)

EUR/USD (a 4-hour chart)

General Overview

EUR/USD bulls stopped on resistance 1.33 and the pair fell below the opening of the Asian trading session. The pair could not resist the continuous pressure of bears during the day. We are waiting for European and U.S. data, as well as narrowing of the Fed this week. We wait for Europe employment news, the results of the trade balance and data on construction. After a growth on Wednesday the pair is being traded below the key 1.33 area now. Market participants are thinking over the data from the U.S., the continued decrease in Initial Jobless Claims and they are waiting for the Fed meeting this week, which may set the pair movement till the end of the year. EUR/USD paused the upward trend for a while.

Bollinger bands are directed up broadening.
The MACD histogram has left a negative zone and growing.

Trading recommendations

We recommend to open long positions on the level 1.3117 with a take-profit at the level of 1.3390.