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General situation:
Analyzing the Forex market on April 2 we can see that in course of yesterday’s trades the rate remained in sideways channel restricted by Bollinger Bands. Therefore, it is recommended to refrain from trading. The current signal for Buy-deals is confirmed and strong, as Chinkou Span is above the price chart and the price is higher than Ichimoku Cloud. At the moment the target for ascending movement is the first resistance level 1.3420 though it is recommended to begin bullish trading only when Bollinger Bands begin their extension to upwards. In case the first target level has been overcome, the next target will be seen at the second resistance level 1.3500. the uprising movement remains relevant as long as the price is higher than Kijun-Sen (1,3320). If the price is fixed below this line, this will indicate the weakening of the sellers signals and the further development of the ascending movement will be questioned. Chinkou Span is located above the price chart confirming the current signal for Buy-deals and indicating the bullish mood of traders. Bollinger Bands indicates the continuation of the sideways movement, lines are not expanding and directed sideways. Thus, in general it is recommended to stay away from the market until the flat movement is over. MACD is declining showing the current descending price movement. Therefore, you cannot open long positions at the moment as Bollinger Bands confirms it.

Trading recommendations:
On the EUR/USD market it is recommended to consider bullish trades with 1.3420 seen as target but only when Bollinger Bands goes upwards. If bullish mood continues and this level is passed through, it will be possible to continue Buy-deals with target seen at level 1.3500. stop Loss is to be placed below 1.332 and as this line goes higher, Stop Loss level can be placed upwards as well. With 50-60 pips of profit Stop Loss san be placed into non-loss area. While opening long positions MACD is to be directed upwards. Take Profits are to be placed a bit lower than target levels.

Apart from the technical picture it is necessary to consider the fundamental data and the time of its release.

Explanations to the picture:
Ichimoku Indicator:
Tenkan-Sen – red line
Kijun-Sen – blue line
Senkou Span A – light brown dotted line
Senkou Span B – light blue dotted line
Chinkou Span – green line
Senkou Span B – violet dotted line
Bollinger Bands:
3 yellow lines
MACD Indicator:
Red line and the histogram with white bars in the indicators window.

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