18, September 2014

EUR/USD (a 4-hour chart)

EUR/USD (a 4-hour chart)

General overview

The euro fell on the yesterday session. Earlier the dollar dollar decline was due to a rather George Hilzenrata’s courageous statement for the Wall Street Journal about the fact that so expected the Fed's decision will not likely give any signals in rate increase and monetary policy change.

A few traders have already revised their position, knowing that the Federal Reserve uncertainty about market rates will render pressure on the dollar.

The corrective euro growth from the support level of 1.2930 did not approach the descending trend line of 1.3000. The pair consolidates above the support level of 1.2930.

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

The level of 1.3000 false retest may lead to a price rebound down. The potential rebound target is the level of support 1.2850.