24, December 2015

EUR/USD (a 4-hour chart)

EUR/USD (a 4-hour chart)

General overview

The Germany statistics has been showed that the consumer confidence index rose up to 9.4 against the forecast and the previous value at the level of 9.3. The November import prices report supported the euro. The US secondary housing market sales sharp decline has led to the dollar sales. However the dollar strengthened against the euro by the end of the trades on Wednesday.

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.

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 and form a “Golden Cross’. The downward movement will be until the price is under the Cloud.

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

Trading recommendations

The potential decrease targets are two levels of support: 1.0800 and 1.0730.