23, July 2014

EUR/USD (a 4-hour chart)

EUR/USD (a 4-hour chart)


The Euro remains under the external events influence, and the given fact that the news background isn’t different in the "killed" information content in the other regions, we can assume the range trading continuation. The EUR/USD consolidated above the strong support level of 1.3520. Then the pair fell to the level of 1.3480 and tested it.

The price is finding the support at 1.3450. The price is finding the first resistance at 1.3480, the next one is at 1.3520.

There is a confirmed and strong sell signal. The price is under the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show a downward movement. The downward movement will be until the price is under the Cloud. The MACD indicator is in a negative territory. The price is decreasing.

Trading recommendations

We expect another retest which will be followed by the price bounce upwards. The potential bounce targets are 1.3520, 1.3570.