26, March 2014

EUR/USD (a 4-hour chart)

EUR/USD (a 4-hour chart)

General Overview

The European currency spent most of the last day in the consolidation trading, but at the end of the day it was in the wave of selling and ended the session with the strengthening versus the dollar. It’s hard to say what was the reason for the euro growing the other day, among the other things, the growth was due to technical factors and because the pair EUR/USD is on the strong support levels.

The support is 13760. The resistance is at 1.3800.

There is a strong southern movement. The price is below the Cloud and above the Chinkou Span. The downward movement will be until the Kijun-Sen is below the price. The Tenkan-Sen and the Kijun-Sen are horizontal.

MACD histogram is still in negative territory, but above its signal line, it continues to rise up smoothly and thus shows a signal to buy the euro (EUR).

Trading recommendations

The main goal is 1.3760 now. Should the price break this level the decrease will be continued towards 1.3710.