19, March 2015

EUR/USD (a 4-hour chart)

EUR/USD (a 4-hour chart)

General overview

The key week day has come for the entire Forex market. Late at night the Fed announced its two-day meeting monetary policy results. The inflation, retail sales and industrial production macroeconomic releases clearly point out to the lack of appropriate monetary tightening.

The level of 1.0550 breakthrough was followed by the price increase to the resistance level of 1.0670. The level testing has led to the consolidation formation. Then the break upwards though this level happened.
The price is finding the first support at 1.0670, the next one is at 1.0550. The price is finding the first resistance at 1.0790 the next one is at 1.0925.

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 growing.

Trading recommendations

The pair can grow to the resistance level of 1.0790. After breaking 1.0790 the buyers may go to 1.0925.