23, December 2015

EUR/USD (a 4-hour chart)

EUR/USD (a 4-hour chart)

General overview

The euro area consumer confidence preliminary report, reflecting the indicator improvement to -5.7 from -5.9, supported the pair. The Bundesbank governor Weidman comments also supported the EUR/USD. The governor hopes the Eurozone economic recovery to accelerate next year. The Germany import prices report has been published (-0.2% m/m vs. -0.3% m/m) and the consumer confidence report showed 9.4 vs. 9.30.

The price is finding the first support at 1.0925, the next one is 1.0800. The price is finding the first resistance at 1.1050, the next one is at 1.1150.

The price is in the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement and form a “Golden Cross”.

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

Trading recommendations

We suppose the pair will go to 1.0925 first. Having overcome the first target the price might go downwards to 1.0800.