28, December 2015

EUR/USD (a 4-hour chart)

EUR/USD (a 4-hour chart)

General overview

The number of the US initial jobless claims amounted to 267K while 270K was forecasted . The investors’ increased optimism put pressure on the euro as a funding currency. The Eurozone has not published any reports. The US favorable economic releases suggested the Fed monetary policy normalization possibility in case of the current trend preservation.

The price is finding the first support at 1.0925, the next one is 1.0800. The price is finding the first resistance at 1.1050, the next one is at 1.1150.

There is a confirmed and a strong buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen shows a horizontal movement and the Kijun-sen shows an upward movement and form a “Golden Cross’. The upward movement will be until the price is above the Cloud.

The MACD indicator is in a positive territory. The price is growing.

Trading recommendations

We suppose the pair will go to 1.0925 first. Having overcome the first target the price might go downwards to 1.0800.