Overview:
The euro has formed a new sell signal, upside movement did not develop, so at the moment downside movement is preferable. The formed sell signal is strong and confirmed, since the Chinkou Span fixated below the price graph and the price is below the Ichimoku cloud. Thus, at the moment the first target for the downside movement is 1.3449 – the first support level. If this level is passed the second target will be the second support level at 1.3349. Downside movement remains while the price is below the Kijun-sen (1.3620), if the price fixates above this line it is recommended to cut short positions. The Chinkou Span is below the price graph, which confirms the current sell signal and indicates bearish sentiment. The Bollinger bands show the beginning of the downside movement, the lines are diverging and directed down. The MACD is ascending, which indicates current correction movement, thus it is recommended to resume trading down after it reverses down.
Trading recommendations:
Currently it is recommended to trade down with target at 1.3449 and further to 1.3349. Stop Loss should be placed above 1.3620. Enter the market with short positions after the MACD reverses down.
http://instaforex.com/forex_analysis/23151/?x=OUE
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