16, December 2014

EUR/USD (a 4-hour chart)

 EUR/USD (a 4-hour chart)

General overview

The euro/dollar quotes consolidates against the US dollar. The United States will publish the industrial production release for November. The US manufacturing sector has been showing growth and in this regard today we one can expect the positive data. The ISM industrial sphere index is close to the annual maximum which also points out to the production volumes growth.

The pair EUR/USD corrected to the downward channel upper bound of 1.2460 and consolidates.

The price is finding the first support at 1.2400, the next one is at 1.2300. The price is finding the first resistance at 1.2500, the next one is at 1.2600.

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 an upward movement. The upward movement will be until the price is above the Cloud.

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

Trading recommendations

The downward movement will be continued. The pair may go to 1.2300 soon.