26, November 2013

EUR/USD (a 4-hour chart)

EUR/USD (a 4-hour chart)

General Overview

The U.S. dollar fell on Friday versus the euro and the pound and was up against the yen and the commodity currencies, continuing the trend of the previous day in the absence of significant U.S. macroeconomic data. The euro rose after the release of positive Business Climate in Germany. German business climate index from the Ifo rose by 1.9 p. to 109.3 p., with the expected growth to 107.7 p. in November. The index of current conditions and expectations also rose significantly exceeding the forecast.
The pair is growing. Chinkou Span is below the price, and the price is above the Ichimoku cloud. We have a strong buy signal. The pair is being corrected upwards. Tenkan-Sen and Kijun-sen are following the pair up, Kijun-sen is horizontal and Tenkan-Sen is going upwards. The Cloud is growing.

The pair left the cloud. The upward movement remains as long as the Kijun-sen is located below the price.

Bollinger bands are directed upwards. The MACD histogram is shifted into the overbought zone, its histogram is growing.

Trading recommendations

If the pair keeps growing the target is 1.3535 and the second one is 1.36. Still the south direction is still actual and will remain till the pair is close to the Cloud.