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FX.co ★ Ichimoku cloud analysis of EURUSD

Ichimoku cloud analysis of EURUSD

In the Daily chart of EURUSD price remains inside the Daily Kumo (Cloud). This implies that trend is neutral. So far support at 1.1950 holds and price does not break below the Ichimoku cloud. The tenkan-sen has crossed above the kijun-sen and this is a weak bullish signal. Price is above both the tenkan-sen and kijun-sen and this is bullish.

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Ichimoku cloud analysis of EURUSD

The Chikou span (black line indicator) is trying to break above the candlestick pattern. No clear sign from the Chikou span. As long as price holds above the lower cloud boundary bulls have hopes for a move higher. Resistance is at 1.2190 and a break above it will be a bullish sign. As we explained in previous posts, 1,2220 and 1.2350 are our targets as long as price holds above 1.2020.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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