FX.co ★ Ichimoku cloud analysis on EURUSD

EURUSD is moving past our bounce target of 1.18-1.1850. Dollar remains weak for the second consecutive session and EUR bulls take advantage of it. Price has broken above the short-term Ichimoku cloud resistance and this implies more upside at least for the short-term.

Price has broken above the 4hour Ichimoku cloud resistance. Support is now at the upper cloud boundary at 1.1825. Bulls need to defend this level and stay above it.

In the Daily chart price has broken above the tenkan-sen (red line indicator). This implies that a move towards the kijun-sen (yellow line indicator) resistance is imminent. True, price is approaching the kijun-sen at 1.1906. A break above this level will push price towards the Daily Kumo at 1.2050-1.21. As long as price is below the Daily cloud, medium-term trend remains bearish.