27, November 2014

EUR/USD (a 4-hour chart)

EUR/USD (a 4-hour chart)

General overview

The Eurozone again will not please the traders with any interesting macroeconomic releases. The foreign exchange traders will focus their attention on the US reports. According to the leading indicators the US consumers’ activity is increasing and therefore we can expect moderately positive durable goods sales data.

The support level of 1.2400 short-term testing has led to the correction to the level of 1.2500. The trades closed above this level.

The price is finding the first support at 1.2500, the next one is at 1.2400. The price is finding the first resistance at 1.2600, the next one is at 1.2670.

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

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

Trading recommendations

The approach to the level of 1.2500 may lead to the price rebound down. The potential rebound target is the level of support 1.2400.