21, January 2015

EUR/USD (a 4-hour chart)

EUR/USD (a 4-hour chart)

General overview

The ZEW institute will publish the Germany business climate release. Economists polled expect the growth rate to the level of 40.1. The German economy has not entered into the recession, despite the fact that the chances were very high and it is a positive factor. Commodity market is frozen on the eve of the ECB meeting.

The price is consolidating between the two levels of 1.1590 - 1.1520.

The price is finding the first support at 1.1520, the next one is at 1.1400. The price is finding the first resistance at 1.1590, the next one is at 1.1690.

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

The MACD indicator is in a negative territory. The price is decreasing.

Trading recommendations

The pair can fall to the support level of 1.1520. After breaking 1.1520 the sellers may go to 1.1400.