29, May 2014

EUR/USD (a 4-hour chart)

EUR/USD (a 4-hour chart)

General overview

The single European currency was not able to get support and fell again against the dollar in yesterday's trading. There was not published any important data on the Eurozone economy yesterday, and another Draghi’s speech in its content was more about euro sales.

The price is finding the support at 1.357. The price is finding the first resistance at 1.3610, the next one is at 1.3670.

There is a confirmed and strong sell signal. The price is under the Cloud and it is under the Chinkou Span. The downtrend movement will be until the price is under the Kijun-Sen.

The MACD indicator is in negative territory.

Trading recommendations

The pair is going down. The indicators show a downward movement. As long as the price is trading in the downward channel sellers remain strong. Please be advised to go short to 1.3570. If the price consolidates below the first target it will go to 1.3520.