FX.co ★ Ichimoku cloud indicator Daily analysis of EURUSD

EURUSD ends the week under pressure but still at higher levels than last week. Price reached 1.2310 earlier today but sellers stepped in and pushed price lower towards 1.2230. EURUSD is under pressure but so far there is no trend reversal confirmation as price remains inside the bullish channel.

Green lines -bullish channel

EURUSD is testing the lower channel boundary. Bulls do not want to see price break out of the bullish channel. Recent low at 1.2129 is key support level for the short-term bullish trend. Breaking below it will be a bearish sign.

EURUSD remains above the tenkan-sen (red line indicator). As long as price is above it, we continue to expect to see new higher highs over the coming 1-2 sessions. If price breaks below the tenkan-sen then we should expect it to push lower towards the kijun-sen (yellow line indicator) at 1.2095.