EUR/USD (a 4-hour chart)
This week we expect the Germany economic indicators activity and the US inflation publication. Traders do not rush with the positions opening amid the coming news. At the end of the last week, the euro showed a steady growth which lays a good foundation for the positive trend continuation.
Buyers have come to the resistance level of 1.0925 for the second time on the increased volume and broke it upwards. The formed consolidation in this level area can cause a slight rebound downwards.
The price is finding the first support at 1.0925, the next one is at 1.0790. The price is finding the resistance at 1.1050.
There is a confirmed and a strong buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen shows an upward movement and the Kijun-sen shows a horizontal movement and form a “Golden Cross”. The upward movement will be until the price is above the Cloud.
The MACD indicator is in a positive territory. The price is growing.
The downward bounce potential target is 1.0790. The support level of 1.0790 testing will be followed by the euro growth.