23, March 2015

EUR/USD (a 4-hour chart)

EUR/USD (a 4-hour chart)

General overview

By the end of 2014 the US payments balance had increased by 412.93 billion dollars. The UK and Germany 10-year negative bond yields continued their decline which can spur demand for the EUR/GBP cross-rate and this face is positive for the euro.

The US dollar returned back its position on the increased volume. The price decreased to the support level of 1.0670. The pair rebounded from this level and rose above the resistance level of 1.0790.

The price is finding the first support at 1.0790, the next one is at 1.0670. The price is finding the first resistance at 1.0925 the next one is at 1.1050.

There is a non-confirmed and a weak buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen shows a horizontal movement and the Kijun-sen shows an upward movement and form a “Dead Cross”. The upward movement will be until the price is above the Cloud.

The MACD indicator is in a positive territory. The price is growing.

Trading recommendations

The price is likely to go to the support level of 1.0670.