FX.co ★ Technical analysis and trading recommendations for the EUR/USD currency pair for January 6, 2010

4-hour timeframe

The overall picture:

The price is set inside Ishimoku indicator and nearly pivot level again. As for now, the Ishimoku lines position does not matter as both Ishimoku indicator and Bollinger Bands are showing flat. Therefore, it is recommended to wait for the sideward movement ending and after that to define the trend direction. MACD is placed around zero level that also signals about flat.

Trading recommendations:

It is recommended to wait for the situation clearing and the trend movement beginning.

The picture clarification:

Ishimoku 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 the white bars in the indicators window.

Have fortunate trades,

Stanislav Polyanskiy

January 6, 2010