30, April 2014

EUR/USD (a 4-hour chart)

EUR/USD (a 4-hour chart)

General Overview

The traders tried to test the upward trend line 1.3870, but it did not lead to positive results. There was the prices short-term pullback down.

The volumes has been in a reduced zone for the second week. Ascending and descending movements appear as weak volumes, which in principle could mean the side movement continuation, in which the price has been traded over half of the month.

The first support is 1.3800, the next one is 1.3760. The first resistance is 1.3860, the next is one 1.3900.

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

The MACD histogram is in the positive zone.

Trading Recommendations

The important resistance is the trendline 1.3870. According to the price volumes, we expect the prices to roll down to the 1.3840 support level.