17, September 2014

EUR/USD (a 4-hour chart)

EUR/USD (a 4-hour chart)

General overview

The market participants do not hurry to make any significant moves before the Fed meeting outcome announcement. The traders expect that the Fed will announce, at least, the expected timeframe rate increase the next year.

The pair EUR/USD is being consolidated below the strong resistance level of 1.3000. The buyers fell twice from the resistance level of 1.3000.

The price is finding the first support at 1.2930, the next one is at 1.2850. The price is finding the first resistance at 1.3000, the next one is at 1.3070.

The price is in the Cloud and it is under the Chinkou Span. The Tenkan-sen and the Kijun-sen show an upward movement and form a «Golden Cross”.

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

Trading recommendations

We expect the level of 1.3000 testing soon. If the pair doesn’t break it we expect the fall to 1.2930 and 1.2850