Forecast May 11, 2016 EUR / USD
In Germany, came relatively weak data on industrial production. Against this background, the European currency EUR came under pressure. Home Eurozone economy has reported on the fall rate to -1.3% from -0.7% in March. These revised earlier -0.5% to the downside. The assumption of analysts was that the decline in the index for April was -0.2%. The yield on ten-year German government securities in the credit market falls in the securities of States and the United Kingdom, it also supports bears.
The appreciation of the euro / dollar was limited to a mark 1.1450, and the pair is trading in the downward direction. Although slightly above the level of 1.1350, EUR / USD moved to the consolidation range.
In the area of 1.1350 is the first support below 1.1260. In the area of 1.1450 is the first resistance, above - 1.1550.
The signal to sell the pair EUR / USD is strong and confirmed. The price is below the Ichimoku cloud and Chinkou-Span is above the price level. Tenkan-sen and Kijun-sen exhibit a downward movement. The urgency of the downward movement will continue as long as the price is below the Ichimoku cloud.
Histogram MACD is in the negative zone. The price is consolidating.
Trading recommendations EUR / USD
If the southern movement will be developed, it would be a mark 1.1350 first target and the level 1.1260 - the next.
Source Fort Financial Services