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Ichimoku Indicator

20.09.201908:56 Forex Analysis & Reviews: Daily Ichimoku cloud analysis on EURUSD for September 20th, 2019

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Although medium-term trend remains bearish for EURUSD, there are some signs that point to a move higher towards 1.1150 as long as price is above 1.10. Price is on the verge on closing today above the kijun-sen resistance and this would lead price to test the lower cloud boundary.

Price is now above the kijun-sen (yellow line indicator). If the daily candle closes above, then next week I will have the lower cloud boundary at 1.1150 as my target. Support at 1.1020 must hold otherwise this short-term bullish scenario will be canceled. Medium-term trend remains bearish as long as price is below the Kumo, however there are some indications that a bounce towards 1.1150 is imminent. The double bottom at 1.0925 is also another bullish sign, but we need confirmation by breaking above resistance levels. If price only stalls and moves sideways, this would be a negative sign for bulls.

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