20, February 2015

EUR/USD (a 4-hour chart)

EUR/USD (a 4-hour chart)

General overview

The ECB increased its loan to Greek banks, approving the amount of 68.3 billion euros that gives Athens some time to reach an agreement with the international lenders. However, the euro got the supported from the Fed minutes and after their release the currency bloc increased and leveled losses against the dollar incurred earlier. Then the pair fell.

The continuous consolidation was at the level of 1.1400. The trade volumes are in the reduced zone.

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 consolidating.

Trading recommendations

We may expect the fall towards 1.1300 further on we expect a growth to 1.1520.