30, May 2013

EUR/USD (a 4-hour chart)

EUR/USD (a 4-hour chart)

General overview

The break below 1.2840 has not brought the expected growth of pressure on the euro, speculators actively sold the pair that provided a return to 1.2970. Players, however, noticed that the rapid growth has attracted the attention of sellers around 1.2980. The bulls need to break up to have the potential for further recovery.

The price is trading above Chinkou-span. We have a weak buy signal as EURUSD is trading above the Ichimoku cloud. The Kijun-sen is directed down, Tenkan-sen is directed up, the Ichimoku cloud has a neutral formation.

Bollinger bands are broadening.
MACD returned to the falling it is in a zero area now.

Trading recommendations

EURUSD is being traded in a range 1.2895 and 1.2855. Below this corridor we can see only a support 1.2790 and several resistance lines from 1.2900 to 1.3005.
The price has not chosen the direction yet and moves in a flat. The pair is forming a triangle or a double-triple bottom on H4 time-frame.