Forex Technical Analysis EUR/USD

Posted By FxNewInfo.com Posted On 20 January 2016

EUR/USD (a 4-hour chart)

EUR/USD (a 4-hour chart)

General overview

The traditional safe-haven assets remained without support. The euro failed to extend the Friday gains. Only by the end of the trades the pair showed a growth. Earlier the pair decreased feeling additional pressure from the EURGBP cross dynamics which had showed a marked decrease when the Cable tried to recover. According to the Eurostat the Eurozone inflation rose in line with the expectations in December. The inflation rose to 0.2% in December from 0.1% in November. The value corresponds to the preliminary assessment.

The first support lies at 1.0925 and then at 1.0800. The first resistance stands at 1.1050, the next one is at 1.1150.

There is a non-confirmed and a strong buy signal. The price is above the Ichimoku Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement and form a “Dead Cross”. The upward movement will be until the price is above the Cloud.

The MACD indicator is in a positive territory. The price is growing.

Trading recommendations

The downward movement will be continued. The pair may go to 1.0800 and 1.0730 soon.

 

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