20, May 2014

EUR/USD (a 4-hour chart)

EUR/USD (a 4-hour chart)

General Overview

Attitude towards the euro remained “bearish”. However, the political moments became the "drivers" for the single currency sales showing an increase in "pigeon" sentiment among those who influence the EU main bank monetary trend. The economic statistics, although showed some positive results rarely caused a negative reactions to the euro and if it even did it was not for a long time.

The first support is 1.3670, the next one is 1.3610. The first resistance is 1.3710, the next one is 1.3760.

There is a confirmed and strong sell signal. The price is under the Cloud and it is under the Chinkou Span. The uptrend movement will be until the price is above the Kijun-Sen.

The MACD indicator is in negative territory.

Trading recommendations

The pair retested the rising trendline and 1.3700 strong support level 1.3680. The volumes form a small divergence near so strong levels, indicating a possible price up rebound.