19, March 2013

EUR/USD (a 4-hour chart)

EUR/USD (a 4-hour chart)

General overview

The pair is below the Ichimoku cloud. The Chinkou Span and Kijun-sen are above the price chart. We are back again to the downward movement.

The downward movement will be as long as the price is below the Kijun-sen.

Bollinger bands are directed downwards. Price range reluctantly extended.
MACD histogram is in a negative area and is going downwards. 

Both indicators point to the uncertainty of the market, both in the short and medium term.

Trading recommendations

The pair is being traded below the Kijun-sen (1.2994). The pair tested the level 1.30 yesterday. If it continues the correction the pair will go to 1.3055. If the pair returns to a downward movement the first target will be 1.2895 and the second is 1.2840.

When you open orders you need to consider the fundamental analysis as well.