22, August 2013

EUR/USD (a 4-hour chart)

EUR/USD (a 4-hour chart)

General Overview

The EUR / USD continues bullish impulse, establishing a new support at 1.33 that is likely to open the way to the marks 1.3485/1.3520. Failure to reach this level would mean a return to the level 1.33. The next support is at 1.3215/05. Breakthrough at around 1.3520, on the other hand, will finally open the way to the marks 1.3620/1.3820.

According to the Ichimoku indicator, the pair is a medium upward trend now. Tenkan-Sen and Kijun-sen are horizontal. Tenkan-sen is below the price. The Cloud is growing.

Bollinger bands are widen and directed slightly downward.
The MACD histogram is still located in the positive zone, giving a signal for correction.

Trading recommendations

Despite the break of strong resistance at 1.3400, there is a resistance line 1.3460 - 1.3480, carried out by the previous highs rising waves. The approach to this line may cause a roll back, after which the price will return to the line with levying sales volumes trying to break it up, thus opening the way to 1.3500 - 1.3520.