19, February 2014

EUR/USD (a 4-hour chart)

EUR/USD (a 4-hour chart)

General Overview

The pair keeps growing to the resistance 1.3830 and further to 1.4000. We expect it to test a support at 1.3450-1.3475. In the future, a trend reversal down to support level 1.3295 or 1.3100 is possible.

There is a strong northern movement. The buy signal is confirmed and strong. The price is above the cloud and below the Chinkou Span. The upward movement will be until the Kijun-Sen is below the price. The Tenkan-Sen is directed upwards, Kijun-Sen is horizontal.

Bollinger Bands is broadening being directed upward. MACD is in a positive area, the histogram is growing.

Trading recommendations

The current situation is ambiguous. The price is trading above the strong level on very weak volume. If the retest level of 1.3700 will not be not accompanied by a strong breakthrough we expect a bounce up with a further continuation of the rising trend. The immediate goal will be the mark 1.3750.