28, October 2013

EUR/USD (a 4-hour chart)

EUR/USD (a 4-hour chart)

General Overview

EUR/USD continued its bullish trend trading, setting a new short-term high on Thursday, despite not good the PMI report.

Euro is traded near a two-year high against the U.S. dollar, flicking a reminder of the eurozone economic recovery fragility, as traders focused on the continued decrease in U.S. government bonds which was caused by expectations that the Federal Reserve was not in a hurry to cut its monetary support program.

The bulls continue to dominate against the bears. The pair is in a bullish trend. Chinkou Span is above the price, and the price is fixed above the Ichimoku cloud, the buy signal is strong and confirmed. Tenkan-Sen and Kijun-sen are directed upwards. The Cloud is growing.

The upward movement will remain until the Kijun-sen is located below the price.

Bollinger Bands indicator shows an upward movement. The bands are widening being directed upwards.
The MACD histogram is directed down.

Trading recommendations

The price failed to break below the support level 1.3790. It is possible that the pair will be being consolidated at 1.3790 the first half of today's trading session.

The potential targets for northern movement are the marks 1.3850, 1.3900, 1.3925, 1.3950.