29, September 2014

EUR/USD (a 4-hour chart)

EUR/USD (a 4-hour chart)

General overview

The EUR/USD remains under the sellers’ pressure. Many investors have already achieved their goals, so the consolidation is possible from these levels. A further decrease is also possible, but it requires a strong driver. While the European Central Bank (ECB) does not apply more drastic measures, further reduction is delayed.

The price is finding the first support at 1.2670, the next one is at 1.2600. The price is finding the first resistance at 1.2730, the next one is at 1.2790.

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 downward movement. The downward movement will be until the price is under the Cloud.

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

Trading recommendations

We recommend going short with the first target – 1.2670, the next one is 1.2600.