26, February 2015

EUR/USD (a 4-hour chart)

EUR/USD (a 4-hour chart)

General overview

After the Janet Yellen speech the market concluded that the US Central Bank was not inclined to hurry up with the interest rates increase. In particular she noted that the Fed would maintain a flexibility in raising rates issue and added that their increase at "the nearest pair of meetings is unlikely."

The price is still in the side corridor at the level of 1.1400 - 1.1300.

The price is finding the first support at 1.1300, the next one is at 1.1170. The price is finding the first resistance at 1.1400, the next one is at 1.1520.

The price is under the Cloud and it is under the Chinkou Span. The Tenkan-sen shows a downward movement and the Kijun-sen shows a horizontal movement.

The MACD indicator is in a neutral territory. The price is consolidating.

Trading recommendations

The price is likely to go to the resistance level of 1.1400. Having overcome the first target the price might go upwards to 1.1520.