23, June 2016

EUR/USD (a 4-hour chart)

EUR/USD (a 4-hour chart)

General overview

Mario Draghi’s speech supported the euro. According to Mario Draghi (the European Central Bank Governor) the ECB is ready to all contingencies caused by the referendum in the UK.

Current situation

The pair showed a mix dynamics yesterday. The quotes grew during the Asian and the European sessions and fell at the American one. The EUR/USD pair remained in the descending channel. The resistance is at 1.1300, the support comes in at 1.1250.

MACD is on the center line. The indicator does not show a signal. If MACD gets into the negative area there will be a sell signal. If the indicator returns to the positive area the signal will be bullish. RSI is in the neutral zone. The Moving Averages (50, 100 and 200) are parallel to each other. The SMAs direction is horizontal. The price is above the Moving Averages.

Trading recommendations

The potential decrease targets are two levels of support: 1.1250 and 1.1130. The potential growth target is the resistance level of 1.1450.