EUR/USD (a 4-hour chart)
The market situation is stable so far. But this is the calm before the storm while banks in Cyprus are closed everything is quiet. We believe that after they remove the moratorium there will begin a massive outflow of capital.
All depositors to keep their money would prefer the Cyprus banks other financial institutions.
Yesterday it continued to grow.
The correction is over and the pair returned to its downward movement.
The pair is below the Ichimoku cloud. The Chinkou Span and Kijun-sen are above the price chart. The pair is being traded below the Cloud.
The downward movement will be as long as the price is below the Kijun-sen.
Bollinger bands are directed down. The price range is stable. The indicator suggests a downward movement.
MACD is in the negative zone and is going downward, it is a strong sell signal.
The pair is being traded below the Kijun-sen. We recommend going short. If the pair returns to a downward movement the first target will be 1.2840 and the second is 1.2760.
If euro continues the correction the pair will go to 1.2940.
When you open orders you need to consider the fundamental analysis as well.