23, June 2015

EUR/USD (a 4-hour chart)

EUR/USD (a 4-hour chart)

General overview

The week trading day was rich with important macroeconomic statistics. Still we highlight the May secondary market housing sales release in the USA. The 30-year mortgage growth rates at the end of May to the level of 4% contributed to a significant decrease in loans issued, indicating that the low volume of housing sales.

DO not forget about the Eurogroup meeting. The eurozone countries heads, including the ECB President Mario Draghi and IMF Managing Director Christine Lagarde, met to discuss the current agreement with Greece with the European Financial Stability Mechanism. The officials show optimism pointed that a lot of work is ahead.

Buyers, updating the last week maximum, remain to dominate in the euro / dollar market . The pair is trading above the support level of 1.1260.

The price is finding the first support at 1.1260, the next one is 1.1150. The price is finding the first resistance at 1.1450, the next one is at 1.1675.

There is a confirmed and a strong buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement. The upward movement will be until the price is above the Cloud.

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

Trading recommendations

The price is likely to go to the support level of 1.1260. Then a consolidation can be formed.