For Traders

Analytical Reviews

Ichimoku Indicator

07.06.201809:08 Forex Analysis & Reviews: Ichimoku cloud indicator analysis of EUR/USD for June 7, 2018

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Today, we look at the weekly chart of EUR/USD. Why have we have been bullish about this pair?Pessimism was at its highest near 1.15-1.16 when everyone was talking about Italexit and expressed fears of the Eurozone break up.

Black line - horizontal resistance

At market peaks and bottoms sentiment is at extremes. The same was the case when EUR/USD was trading around 1.15. On a weekly basis, we have two very bullish signs. First, last week's candle was a bullish hammer followed by a bullish week. Price bounced strongly off the 38% Fibonacci retracement and the upper weekly cloud boundary. Cloud support is held. If price manages to move back above the black horizontal resistance and the weekly kijun-sen, then we will have a very bullish setup. We remain bullish.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.