25, April 2014

EUR/USD (a 4-hour chart)

EUR/USD (a 4-hour chart)

General Overview

Last week's maximum mark 1.3865 was not able to be updated to actively pursue the emerging price
reversal up. Buyers met the resistance at 1.3840 after that a short-term pullback down happened.

If we look at candles we can see that the current situation is in the sellers favor. Moreover, the auction will be largely dictated by a fundamental analysis. This is due to the fact, that news for the EUR (ECB President Draghi’s speech), and for the USD will come out soon.

The first support is 1.3800, the next one is 1.3760. The first resistance is 1.3860, the next is one 1.3900.

The MACD histogram is at zero area, indicating the current corrective movement.

Trading Recommendations

If the resistance level 1.3840 is not broken up after the fundamental data release, the main goal for the sellers will be 1.3760, 1.3700.