FX.co ★ Ichimoku cloud indicator analysis of EURUSD

EURUSD is moving lower as expected. In our previous analysis we noted how price had closed below the tenkan-sen indicator and we expect more EURUSD weakness to come this week. As long as price is below 1.1810 EURUSD is vulnerable to a move towards 1.16.

In the Daily chart trend remains bullish. Possible pull back target is the kijun-sen (yellow line indicator) at 1.1577-1.16 area. This scenario will be confirmed on a break below 1.17. Longer-term trend remains bullish and we continue to see each pull back as a buying opportunity.