empty
24.02.2011 11:55 AM
The EUR/USD technical analysis and trading recommendations for February 24, 2011

4-hour timeframe

This image is no longer relevant

Overview:
The euro is still observing a buy signal with target level 1.3764, the target level is reached and now a beginning of a correction is possible. 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 1.3795 – the first resistance level that was reached by the price, but not passed. If this level is passed the second target will be the second resistance level at 1.3898. Upside movement remains while the price is above the Kijun-sen (1.3655), 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 continuation 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 trade up with target at 1.3795 and further to 1.3898. Stop Loss should be placed below 1.3655. If the MACD reverses down it is recommended to cut long positions manually.

In addition to technical image, one should take into account the fundamental data and the time of their release.

The chart annotation:
Ichimoku indicator:
Tenkan-sen — red line
Kijun-Sen — blue line
Senkou Span A — light brown stipple line
Senkou Span B — light purple stipple line
Chinkou Span — green line
Bollinger Bands indicator:
3 yellow lines
MACD indicator:
The red line and the histogram with white bars in the indicators window.

 

Paolo Greco,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

XAG/USD. Analysis and Forecast

Silver is rising toward the $33.25 level, consolidating near the upper boundary of its familiar range. The emergence of buying on pullbacks, a recent rebound from the 100-day Simple Moving

Irina Yanina 18:43 2025-05-21 UTC+2

Trading Signals for EUR/USD for May 21-25, 2025: sell below 1.1370 (200 EMA - overbought)

Early in the American session, the EUR/USD pair is trading around 1.1327, showing fading bullish strength. Having reached the top of the uptrend channel, EUR/USD is going through a technical

Dimitrios Zappas 17:50 2025-05-21 UTC+2

Trading Signals for GOLD (XAU/USD) for May 21-25, 2025: buy above $3,281 (200 EMA - 6/8 Murray)

Early in the American session, gold is trading around 3,304, above the 6/8 Murray level, and within the uptrend channel formed on May 14. Gold is expected to continue rising

Dimitrios Zappas 17:47 2025-05-21 UTC+2

Forecast for EUR/USD on May 21, 2025

On Tuesday, the EUR/USD pair managed to consolidate above the resistance zone of 1.1260–1.1282, which had previously triggered three pullbacks. As a result, the euro's upward movement continued

Samir Klishi 11:19 2025-05-21 UTC+2

Forecast for GBP/USD on May 21, 2025

On the hourly chart, the GBP/USD pair on Tuesday made two bounces from the support zone of 1.3344–1.3357, reversed in favor of the pound, and rose above the 1.3425 level

Samir Klishi 11:15 2025-05-21 UTC+2

Forex forecast 21/05/2025: EUR/USD, GBP/USD, SP500, Ethereum and Bitcoin

Useful links: My other articles are available in this section InstaForex course for beginners Popular Analytics Open trading account Important: The begginers in forex trading need to be very careful

Sebastian Seliga 11:14 2025-05-21 UTC+2

Technical Analysis of Intraday Price Movement of AUD/JPY Cross Currency Pairs, Wednesday May 21, 2025.

Although on the 4-hour chart the AUD/JPY cross currency pair is weakening, it seems that this weakening is only a momentary correction as long as it does not break through

Arief Makmur 06:25 2025-05-21 UTC+2

Technical Analysis of Intraday Price Movement Silver Commodity Instrument, Wednesday May 21, 2025.

On the 4-hour chart, the Silver commodity instrument appears to be showing Convergence between the Silver commodity instrument price movement and the Stochastic Oscillator indicator, so that in the near

Arief Makmur 06:25 2025-05-21 UTC+2

EUR/USD Forecast for May 21, 2025

On Tuesday, the euro firmly consolidated above the daily-scale balance line indicator, closed the day above the resistance level of 1.1266, and began today with an upward move

Laurie Bailey 05:19 2025-05-21 UTC+2

GBP/USD Forecast for May 21, 2025

Over the past week, the British pound has been advancing ahead of other currencies. This momentum may soon lead to a breakout above the rising channel and the target level

Laurie Bailey 05:10 2025-05-21 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.