21, December 2015

EUR/USD (a 4-hour chart)

EUR/USD (a 4-hour chart)

General overview

The regional industrial production volume has considerably recovered by 0.5% in October. However, the annual rate pointed to the slowdown from 1.8% to 1.1%. The ECB representative Nowotny statements that the ECB can correct the monetary policy unconventional instruments in both directions remained absolutely unnoticed.

The price is finding the first support at 1.0800, the next one is 1.0730. The price is finding the first resistance at 1.0925, the next one is at 1.1050.

The price is in the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement and form a “Dead Cross”.

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

Trading recommendations

The price is likely to go downward to the support level of 1.0800 and 1.0730.