17, September 2013

EUR/USD (a 4-hour chart)

EUR/USD (a 4-hour chart)

General Overview

The price range of the last three days is less than 70 points, the trading was within the levels 1.3320 - 1.3250, thereby forming a side corridor.

Because of the resistance slope at 1.3320 the market is being ruled by bears, despite the good corrective pullback up, which was observed in the first half of last week. For 1-2 days the pair may remain within the levels of 1.3320 - 1.3250. But if the price is beyond one of the levels there will be a breakdown, with further price movement in the direction of the breakout.

According to the Ichimoku analysis the pair is located in an uptrend. The pair keeps growing. The EUR/USD broke the Ichimoku cloud up. Tenkan -Sen and Kijun -Sen are directed upwards. Tenkan -sen is below the price. The cloud is directed up.

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

Trading recommendations

The break of the support level 1.3250 will open for sellers the way to 1.3185. The consolidation below this level will allow short selling with the target mark 1.3110.