26, July 2013

EUR/USD (a 4-hour chart)

EUR/USD (a 4-hour chart)

General Overview

The price is in an upward trend. The pair has worked out a critical line Tenkan-Sen and rebounded from it, completing the turn of the corrective movement. The current buy signal is strong and confirmed as Chinkou span is below the price and the price is above the Ichimoku cloud. The upward movement is targeted to the resistance level 1.3300.

The upward movement is continued as long as the price is above the Kijun-Sen.

Chinkou Span is below the price that is a confirmation of the current buy signal. The Kijun-Sen and Tenkan-Sen are directed upwards. The Cloud is growing.

Bollinger Bands indicator shows an upward movement. The bands are narrowed.
MACD is in a positive area, indicating the current upward movement.

Trading Recommendations

The price met the resistance at the 4-hour chart at the area 1.3254, after which the price fell back down and developed a correction in the support area at 1.3178.

Probably, there will be a further downward correction in the support area between the levels 1.3206 and 1.3120, and then we expect a growth up in the area of resistance levels between 1.3254 and 1.3299.