31, July 2014

EUR/USD (a 4-hour chart)

GBP/USD (a 4-hour chart)

General Overview

The euro fell to new low against the dollar on yesterday's trading day. In the absence of any encouraging Eurozone news for the "bulls" on the euro, the euro has remained under the influence of continuing geopolitical risks, further ECB easing expectations and the rumors about the good U.S. economy results supported the dollar sentiment.

The price is finding the first support at 1.3360, the next one is at 1.3290. The price is finding the first resistance at 1.3420, the next one is at 1.3480.

There is a confirmed and strong sell signal. The price is under the Cloud and it is above 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 going down.

Trading recommendations

The price is likely to go to the downward trend line 1.3290.