Overview:
The euro is still observing a buy signal with target level 1.3764, the target level is reached, the signal has weakened as the price fixated below the Kijun-sen, which implies cutting long positions. The formed buy signal is strong and confirmed, since the Chinkou Span fixated above the price graph and the price is above the Ichimoku cloud. Thus, at the moment the first target for the upside movement is 1.3888 – the first resistance level. If this level is passed the second target will be the second resistance level at 1.4020. Upside movement remains while the price is above the Kijun-sen (1.3780), if the price fixates below this line (which has happened) 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 sideways movement, the lines are not diverging and directed sideways. The MACD is descending, which indicates current correction movement, therefore long positions should be resumed after the reverse of the MACD to the upside.
Trading recommendations:
Currently it is recommended to trade up with target at 1.3888 and further to 1.4020. Stop Loss should be placed below 1.3780. Long positions should be opened after the reverse of the MACD to the upside and fixation of the price above the Kijun-sen back. Otherwise it is recommended to wait until the sell signal is formed.
http://instaforex.com/forex_analysis/24171/?x=OUE
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