26, February 2014

EUR/USD (a 4-hour chart)

EUR/USD (a 4-hour chart)

General Overview

The pair continues to trade in a narrow range. The probability of a continued growth towards the resistance 1.3830 remains high, and if it overcomes and consolidates above 1.3830, the mark 1.4000 testing may occur. The nearest support is 1.3625-1.3650.

There is a possible trend reversal up from the area 1.3465-1.3475, while overcoming this support will pave the way to 1.3295 or 1.3100.

There is a strong northern movement. The buy signal is confirmed and strong. The price is above the Cloud and below the Chinkou Span. The upward movement will be until the Kijun-Sen is below the price. The Tenkan-Sen and Kijun-Sen are horizontal.

Bollinger Bands is directed aside. MACD is in a positive area, the histogram is descending.

Trading recommendations

If the consolidation continues at 1.3740 the price can roll back down. The potential target is 1.3700.