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Ichimoku Indicator

25.06.201808:57 Forex Analysis & Reviews: Ichimoku cloud indicator analysis on EUR/USD for June 25, 2018.

Long-term review

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EUR/USD has stopped its rise at the 1.1673 level and is moving sideways and slightly lower since then. The price reached our target area of 1.1650-1.17 after breaking out of the wedge pattern near 1.1520 and this is also where we find cloud resistance.

Blue line - bullish divergence

The EUR/USD has retraced 50% of the decline from 1.1850 to 1.15. The price has hit the Ichimoku cloud resistance and has stopped its rise. A rejection at this area and a break below 1.1592 where we find the kijun-sen (yellow line indicator) will be a bearish sign and would imply that a new low should be seen. On the other hand, a break above 1.1673 and especially above the 4-hour Kumo at 1.1692 will open the way for a bigger bounce towards 1.1850-1.19.

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