Fort Financial Services - Analytics

    Fort Financial Services

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    EUR/USD (a 4-hour chart)

    EUR/USD (a 4-hour chart)

    General overview

    The traders' attention was focused on the Greece debt problems in the beginning of the week. Now, the investors' attention is directed to the Mario Draghi's speech and the ECB meeting results. There was the Fed's head press conference on Thursday. The ECB kept the interest rates unchanged at 0.05%.

    Sellers broke the support level of 1.0925 that opened the way to the support level of 1.0790. The price is consolidating above the support level 1.0790 now.

    The price is finding the first support at 1.0790, the next one is 1.0670. The price is finding the first resistance at 1.0925, the next one is at 1.1050.

    There is a confirmed and a strong sell signal. The price is under the Cloud and it is under 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 decreasing.

    Trading recommendations

    We expect the 1.0790 line break that will open the way for the sellers to 1.0670, further then towards 1.0550.

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