20, February 2014

EUR/USD (a 4-hour chart)

EUR/USD (a 4-hour chart)

General Overview

The single European currency was leading in the first part of the week versus all its major opponents. The euro rose, despite the fact that the data on the EU economy indicated unexpected results that rather be called weak.

The pair continues to rise to 1.3830 if the pair will overcome and consolidate above it, it may test the mark 1.4000. 1.3625-1.3650 will act as the nearest support.

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 and Kijun-Sen are directed upwards.

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

Trading recommendations

The pair came to 38th figure on declining volumes. If the price does not consolidate above 1.3800 reverse rebound to the nearest support level 1.3700 may be expected.