EUR/USD (a 4-hour chart)
The euro strengthened amid growing economic sentiment in Germany to 4-year high level. The ZEW index of economic sentiment in Germany rose to 54.6 in November from 52.8 p in October, exceeding the expectations of growth up to 54 p. The index reached the highest level since October 2009. Economic expectations in Germany remained at a high level over the past few months, the president of ZEW said. Assessment came out worst in November, it fell to 28.7 from 29.7 p n, while everyone expected its growth to 31 p. We are waiting for IFO Business Climate on Friday.
The pair is in a bullish trend. Chinkou Span is below the price, and the price is in the Ichimoku cloud, the sell signal is weak and confirmed as the pair is being corrected upwards. Tenkan-Sen and Kijun-sen are following the pair up, Kijun-sen and Tenkan-Sen are horizontal. The Cloud is growing.
The pair left the cloud. The upward movement remains as long as the Kijun-sen is located below the price.
Bollinger bands are directed upwards. The MACD histogram is shifted into the overbought zone, still its histogram is reducing.
The growth trend remains more than relevant thought the rising trend line 1.3525 constrains buyers.
After a corrective pullback to the trend line 1.3530 - 1.3520 we expect a bounce up to the next resistance levels: 1.3600, 1.3630, 1.3660 and 1.3700.