29, August 2014

EUR/USD (a 4-hour chart)

EUR/USD (a 4-hour chart)

The euro was not able to reverse the situation and did not strengthen against the dollar. The Eurozone economic statistics has not issued anything supportive for the single currency.

The buyers failed to break above the resistance level of 1.3230 and the downtrend channel of 1.3200 upper boundary. The two levels breakthrough occurred at the high volumes this week.

The price is finding the support at 1.3170, the next one is at 1.3130. The price is finding the first resistance at 1.3230, the next one is at 1.3290.

There is a confirmed and a strong sell signal. The price is under the Cloud and it is under the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement. The downward movement will be until the price is under the Cloud.

The MACD indicator is in a negative territory. The price is consolidating.

Trading recommendations

The potential growth targets are the resistance levels: 1.3230 and 1.3290.