30, September 2013

EUR/USD (a 4-hour chart)

EUR/USD (a 4-hour chart)

General Overview

The bank Societe Generale noted that the U.S. statistics as a whole is pretty good, and definitely looks better than the data from Europe. The recent unpleasant surprises from the performance of the United States, were perceived by the market rather quietly, and Bank Societe Generale believe that the euro / dollar has no reason to continue to grow.

The upward sloping channel can form new highs on the daily chart. The decrease is seen as corrective until the price breaks through the bottom of the channel.

Analysis of the Forex market shows that the price continues to work out a very weak "dead cross", but the movement is more like a flat. The current sell signal is confirmed and weak as Chinkou span entrenched below the price, and the price is above the Ichimoku cloud. At this point to the downward movement is the lower limit of the Ichimoku cloud, but to consider short positions will be possible only after the setting of prices in the cloud.

Kijun-Sen and Tenkan-sen lines maintain the upward crossing of the "golden cross". The line Kijun-Sen began to unfold horizontally while the Tenkan-sen line is growing. The market is experiencing "bullish parade of lines". The Cloud is growing.

Bollinger Bands shows a formation of a new bullish wave showing a small burst of activity in the market and changed its direction to upward.
MACD indicator is slowing approaching the zero line.

Trading recommendations

If the price breaks through the resistance of 1.3550 upwards there may be an active growth of the oblique resistance line 1.3640, in this case retest of 1.3700 is possible.

August highs at 1.3450 could still serve as a support. The price must fall below the high of last Wednesday (1.3337) so that the trend could reverse.