18, September 2013

EUR/USD (a 4-hour chart)

EUR/USD (a 4-hour chart)

General Overview

The euro may come under some pressure in the near future, as the German political tensions have risen before the election.

We have a new channel with the upper limit of resistance at 1.3389. On Monday, after the upgrade of highs, the pair went to close the gap. A growth is possible before the meeting of the U.S. Federal Reserve as the gap is almost closed.

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 gap has been worked out. Now, attention should be focused directly at the level 1.3320, from which we may expect a bounce up unless there is a quick break down. The potential targets of the rebound will be levels: 1.3340, 1.3365 and 1.3400.