19, November 2014

EUR/USD (a 4-hour chart)

 EUR/USD (a 4-hour chart)

General overview

We expect be the positive European news. The Germany ZEW business sentiment is expected to rise up from 3.6 to 0.9 points in November and the eurozone sentiment is expected to grow from 4.1 to 4.3 points.

The pair EUR/USD rebounded from the downward trend line of 1.2435 upwards.

The price is finding the first support at 1.2500, the next one is at 1.2400. The price is finding the first resistance at 1.2600, the next one is at 1.2670.

There is a confirmed and a strong buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen shows a downward movement and the Kijun-sen shows a horizontal movement. The upward movement will be until the price is under the Cloud.

The MACD indicator is in a positive territory. The price is growing.

Trading recommendations

The upward bounce potential target is 1.2600. If the price falls it will get to 1.2400, the next target is 1.2300.