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 stock markets panic is gradually leveling which is a negative factor for the single European currency.

    Meanwhile, the German and the US 10 -year government bond yields fell to the new multi-year low yesterday, making investments in the US assets less attractive.

    After a sharp growth to the resistance level of 1.1710 the euro turned out towards correction. The corrective weakness reached the strong support level of 1.1420. Sellers managed to break through this level.

    The price is finding the support at 1.1260. The price is finding the first resistance at 1.1420, the next one is at 1.1530.

    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 a horizontal movement and the Kijun-sen show an upward movement. The upward movement will be until the price is above the Cloud.

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

    Trading recommendations

    The approach to the support level of 1.1260 can lead to the price rebound upwards. The targhetra of the upward rebound will be the resistance levels of 1.1530, 1.1590.

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