Overview:
The euro price could not overcome the first support level 1.3449 and started a correction that transformed into forming of a new buy signal with target level 1.3764. The formed sell signal is weak and confirmed, since the Chinkou Span fixated above the price graph and the price is below the Ichimoku cloud. Thus, at the moment the first target for the upside movement is 1.3843 – the second resistance level, but it is recommended to trade up only after the buy signal strengthens and proves, which implies the price fixating above the Ichimoku cloud. If this level is passed the second target will be the third resistance level at 1.3943. Upside movement remains while the price is above the Kijun-sen (1.3530), if the price fixates below this line it is recommended to cut long positions. The Chinkou Span is above the price graph, which confirms the current buy signal and indicates bullish sentiment. The Bollinger bands show the beginning of the upside movement, the lines are diverging and directed up. The MACD is ascending, which indicates current upside movement, if the indicator reverses down it will denote the beginning of a correction.
Trading recommendations:
Currently it is recommended to wait until the buy signal strengthens and proves and trade up with target at 1.3843 and further to 1.3530. Stop Loss should be placed above 1.3620. If the MACD reverses down it is recommended to cut long positions.
http://instaforex.com/forex_analysis/23483/?x=OUE
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