16, December 2015

EUR/USD (a 4-hour chart)

 EUR/USD (a 4-hour chart)

General overview

The euro zone latest news left the pair almost indifferent, despite the fact that the regional October industrial production index has shown an impressive recovery to 0.6% m/m from -0.3% previously vs. + 0.3%. The annual value was 1.9% against the expected 1.3%. Once again the European stock market mood became the main driver for the pair.

The price is finding the first support at 1.0800, the next one is 1.0730. The price is finding the first resistance at 1.0925, the next one is at 1.1050.

There is a confirmed and a weak buy signal. The price is on the Cloud and it is above the Chinkou Span. The Tenkan-sen shows a downward movement and the Kijun-sen shows a horizontal movement. The upward movement will be until the price is above the Cloud.

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

Trading recommendations

The potential decrease targets are two levels of support: 1.0800 and 1.0730.