24, February 2015

EUR/USD (a 4-hour chart)

 EUR/USD (a 4-hour chart)

General overview

The Eurozone finance ministers finally reached a compromise on the Greek debt. It is expected that the draft agreement will help to prolong the financial assistance program for 4 to 6 months with no obligations on the Greece part to comply with the austerity measures on which the Euro group insisted earlier.

There was the short-term strong support level of 1.1300 testing which was followed by the strong price rebound upwards. The price rebound was followed amid the very high volume.

The price is finding the first support at 1.1300, the next one is at 1.1170. The price is finding the first resistance at 1.1400, the next one is at 1.1520.

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

The MACD indicator is in a neutral territory. The price is correcting.

Trading recommendations

The potential increase target is the resistance level of 1.1400.