17, April 2015

EUR/USD (a 4-hour chart)

EUR/USD (a 4-hour chart)

General overview

According to the ECB meeting results the monetary regulator shows positive changes in the lending sector, but it still expects that inflation in the coming months to remain in the negative area.

We expect the demand for the euro amid the oil prices increase. However, the resistance level of 1.0790 can be a strong barrier for bulls.

The whole week the euro was actively strengthening against the US dollar and came close to the strong resistance level of 1.0790. Trading volumes are in the increased zone.

The price is finding the first support at 1.0670, the next one is at 1.0550. The price is finding the first resistance at 1.0790, the next one is at 1.0925.

The price is in the Cloud and it is under the Chinkou Span. The Tenkan-sen and the Kijun-sen show an upward movement.

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

Trading recommendations

The potential growth targets are the resistance levels: 1.0925, 1.1050.