Fort Financial Services - Analytics

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    EUR/USD (a 4-hour chart)

    EUR/USD (a 4-hour chart)

    General overview

    The index ZEW release has been published that has been showing a negative trend for the two months. There is an instability around Greece the last 1.5 months and this fact does not support the growth optimism in the German business community. The index came out with the data 29,7 that is less then 31,5 last month.

    Bears fully control "black gold" market. Brent oil confidently entrenched below the psychological level of $ 60 per barrel.

    The support levels of 1.1150 and 1.1050 break held against the backdrop of high volume - that is a good signal for the medium-term bearish trend continuation.

    The price is finding the first support at 1.0925, the next one is 1.0790. The price is finding the first resistance at 1.1050, the next one is at 1.1150.

    The price is in the Cloud and it is under the Chinkou Span. The Tenkan-sen shows a downward movement and the Kijun-sen shows a horizontal movement and form a “Dead Cross”.

    The MACD indicator is in a negative territory. The price is decreasing.

    Trading recommendations

    The pair is close to the strong support. If the pair breaks it we expect the decrease to 0.0790.

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