Fort Financial Services - Analytics

Fort Financial Services

540.75 4.25/10
100% of positive reviews

EUR/USD (a 4-hour chart)

GBP/USD (a 4-hour chart)

General overview

The euro decreased after the US labor market report publication. The price was under pressure when the October report had showed that the US economy had been able to create 271K new jobs against the September growth by 137K. In addition, the unemployment rate fell to 5.0%. The euro became the most vulnerable currency after this report publication.

The euro three-week decline against the US dollar found a support at the level of 1.0730. There was a short-term correction from the level. However the pair could not grow above the level of 1.0800.

The price is finding the first support at 1.0730, the next one is 1.0630. The price is finding the first resistance at 1.0800, the next one is at 1.0925.

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 shows a downward movement and the Kijun-sen shows a horizontal movement. The downward movement will be until the price is under the Cloud.

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

Trading recommendations

The approach to the level of 1.0800 may lead to a price rebound down. The potential rebound target is the support level of 1.0630.

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