EUR/USD (a 4-hour chart)
Last week, the pair was traded in the up trend and slowly recovering after the ECB cut its key interest rate to 0.25%. This measure led to a significant weakening of the euro, but the fall in inflation in the Eurozone shall help euro to recover all loses.
Currently the pair is trading near the bottom of the channel. We expect an upward movement to the resistance levels 1.3485 and 1.3530.
The pair is in a bullish trend. Chinkou Span is below the price, and the price is in the Ichimoku cloud, the sell signal is weak and confirmed as the pair is being corrected upwards. Tenkan-Sen and Kijun-sen are following the pair up, Kijun-sen and Tenkan-Sen are directed upwards. The Cloud is directed down.
The downward movement remains as long as the Kijun-sen is located above the price.
Bollinger bands are directed upwards. The MACD histogram is shifted into the overbought zone.
The pair is consolidating on the approach to the level 1.3500, and in the short term, it retains the ability to continue the recovery towards 1.3565.
Another retest of the resistance level 1.3470 is expected. But if it does not lead to a break up, there will be a good roll back down. The immediate goal of the rollback will be a rising trend line 1.3435.