24, February 2016

EUR/USD (a 4-hour chart)

EUR/USD (a 4-hour chart)

General overview

German’s Business Climate for February has worsened for the third month in a row. The index fell to 105.7 from 107.3 in January, reaching the lowest level since December 2014. Analysts had expected the index to decline to 106.7. Expectations index for February dropped to 98.8, that was the lowest level since December 2012. The index fell from a revised downward value of 102.3 for January.

The first support lies at 1.0925 and then at 1.0800. The first resistance stands at 1.1050, the next one is at 1.1150

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

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

Trading recommendations

After the trend support level of 1.0925 breakthrough down the way to the support 1.0800 will be opened.