30, March 2015

EUR/USD (a 4-hour chart)

EUR/USD (a 4-hour chart)

General overview

The euro is consolidating near the strong level of 1.0925 which indicates the pressure from the bears’ part. We should note that the long-term trend is a downward one. The US GDP third (final) assessment was not able to please traders. The dollar revaluation has a significant negative impact on the US economy.

The local maximum update of 1.1050 led to the price reversal downwards. The price has consolidated under the downtrend channel upper bound of 1.0925.

The price is finding the first support at 1.0790, the next one is at 1.0670. The price is finding the first resistance at 1.0925, the next one is at 1.1050.

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. The upward movement will be until the price is above the Cloud.

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

Trading recommendations

The pair can fall to the support level of 1.0790.