EUR/USD (a 4-hour chart)
The Forex market analysis shows that the price is fixed above the first resistance level –1.3537, so the uptrend may continue. A current buy signal is confirmed and strong as Chinkou Span entrenched above the price chart and the price is above the Ichimoku cloud.
At the moment, the upward is to go to the second resistance level – 1.3615. After overcoming this target, the upward movement can be resumed to the third resistance level 1.3751. The upward movement will be on a horse while the price is above the Kijun-sen (1.3470), if the price fixes below that level that would weaken the current buy signal and would question the further upward movement. As a result the price will start its moving to the Ichimoku cloud.
Chinkou Span is above the price chart that confirms the current signal and the bullish mood of traders.
Bollinger Bands show continued upward movement, the bands once again expanded and directed upwards. We advise to open long positions in the market.
MACD is directed upward, indicating that the current uptrend. If the indicator turns down that will become a signal of a possible correction. If the price rebounds from 1.3615 level that can also trigger the onset of new correction.
It is recommended to consider going longs with the first target 1.3615. When the price works out this level the long positions will become actual with 1.3751 as a target.
We advise to place stop loss below the Kijun-Sen and 1.3470. After gaining profits of 50 - 60 points stop loss can be moved to a breakeven zone.
You can close orders manually if MACD turns down or the price bounces from 1.3615 level or consolidates below 1.3537.
Take Profit can be placed slightly below target levels - 1.3610 and 1.3740. In addition to the technical picture please take into consideration fundamental news.