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EUR/USD (a 4-hour chart)

EUR/USD (a 4-hour chart)

General overview

According to the July final report the consumer price index increased by 0.2%. A month earlier the index value has decreased by 0.1%. These figures coincide with the analysts’ forecast. The France consumer price index decreased by 0.4% in July compared with the previous month after a decline by 0.1% a month earlier. These figures coincide with the analysts’ forecasts.

According to the forecasts, the US jobless claims had to remain unchanged and fix 270 thousand claims. The data came out at the level of 274 thousand.

The upward trend reversed towards the correction. The correctional price reduction was on the low volumes. The pair fell below the support level of 1.1150, but then it increased again.

The price is finding the first support at 1.1050, the next one is 1.0925. The price is finding the first resistance at 1.1150, the next one is at 1.1260.

There is a confirmed and a strong buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen shows an upward movement and the Kijun-sen shows a horizontal movement and form a “Golden 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 pair can grow to the resistance level of 1.1150. After breaking 1.1150 the buyers may go to 1.1260.

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