28, November 2013

EUR/USD (a 4-hour chart)

EUR/USD (a 4-hour chart)

General Overview

The EUR/USD pair dropped to mark after the ECB decided to lower interest rates. During the Asian session, the euro regained lost ground and is currently trading around the 1.3570 mark.

The resistance levels are 1.3560 and 1.3579. The important psychological level and bulls' target is the mark 1.3600. The pair received the support from Fibonacci level of 23.6% ( 1.3516 ), the moving average with a period of 55 ( 1.3489 ) and the moving average with a period of 100 (1.3414) .

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

We recommend opening buy orders below 1.3489 with take-profit at 1.3414.