30, December 2014

EUR/USD (a 4-hour chart)

EUR/USD (a 4-hour chart)

General overview

We should expect the moderate downward trend amid the absence of interesting macroeconomic releases

There is a weak market volatility during the Christmas holidays. The trade is rather slow. Moreover, it is likely that before the New Year special movement is not going to happen.

The euro/dollar tested the resistance level of 1.2200 and rebounded downwards.

The price is finding the support at 1.2130. The price is finding the first resistance at 1.2200, the next one is at 1.2300.

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

The approach to the level of 1.2130 may lead to a price rebound down. The potential rebound target is the level of support 1.2200.