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FX.co ★ EURUSD tests cloud resistance

EURUSD tests cloud resistance

In ichimoku cloud terms, short-term trend is neutral as price entered the ichimoku cloud. Price continues making higher highs and higher lows but a rejection around 1.20-1.2050 would be a bearish signal.

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EURUSD tests cloud resistance

Price is above both the tenkan-sen (Red line indicator) and the kijun-sen (yellow line indicator). If price breaks above the cloud resistance at 1.2092 then Daily trend will change to bullish. A rejection at current levels would push price towards the kijun-sen at 1.1890. Bulls do not want to see a rejection at current levels. Price is below the cloud and might be forming a head and shoulders pattern as we talked a couple days ago. Major support remains at 1.1750-1.17.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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