19, February 2015

EUR/USD (a 4-hour chart)

EUR/USD (a 4-hour chart)

General overview

The pair euro/dollar was supported by the ECB reports that the Bank will not stop the emergence Greek banks funding this week and Greece will request for the financial assistance program extension.

However, according to the ZEW the attitude towards the euro has deteriorated because of the weaker than expected sentiment indicators growth in the German economy.

Despite the level breakthrough of 1.1400, the price did not hurry to rise up to the correction. The pair fell under this level.

The price is finding the first support at 1.1300, the next one is at 1.1170. The price is finding the first resistance at 1.1400, the next one is at 1.1520.

The price is in the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement.

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

Trading recommendations

The upward movement will be continued. The pair may go to 1.1520 soon.