31, July 2013

EUR/USD (a 4-hour chart)

EUR/USD (a 4-hour chart)

General Overview

On Tuesday, the euro / dollar was being traded in a narrow range, and the technical picture has not changed significantly. The pair's inability to overcome the mark of 1.33 shows the weakness of the ascending momentum, and points to its completion.

The price is in an upward trend. The current buy signal is strong and confirmed as Chinkou span is below the price and the price is above the Ichimoku cloud. The upward movement is targeted to the resistance level 1.3300.

The upward movement is continued as long as the price is above the Kijun-Sen.

Chinkou Span is below the price that is a confirmation of the current buy signal. The Kijun-Sen and Tenkan-Sen are directed upwards. The Cloud is growing.

Bollinger Bands indicator shows an upward movement. The bands are narrowed.
MACD is in a positive area, indicating the current upward movement.

Trading Recommendations

The EU currency continues to be traded with the increase relatively the U.S. dollar. We have a powerful local resistance at 1.3300 level which the pair still cannot overcome. The pair has been for long at maximum, a correction is possible. In this case, the level 1.3200 will become a local support.

On the technical side, the main target of the further strengthening continues to the local level 1.3400.