FX.co ★ 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.

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.