Fort Financial Services - Analytics

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EUR/USD (a 4-hour chart)

EUR/USD (a 4-hour chart)

General overview

Eurozone published the employment positive release – the October unemployment rate fell to the level of 10.7%. The lowest unemployment rate was recorded in Germany (4.5%), and the highest rate was registered in Greece (24.6%) and Spain (21.6%). The US ADP number of employees’ data has been published (the previous value of 182K; the forecast of 191K). In fact the data came out at the level of 217K.

The pair EUR/USD recovered from the low of 1.0550, having reached the resistance near 1.0630. Then the pair fell again. The pair is trading in a flat.

The price is finding the first support at 1.0550, the next one is 1.0420. The price is finding the first resistance at 1.0630, the next one is at 1.0730.

There is a confirmed and a weak 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 consolidating.

Trading recommendations

After the support level of 1.0550 breakthrough down the way to the support 1.0420 will be opened.

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