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Ichimoku Indicator

23.10.201907:35 Forex Analysis & Reviews: EURUSD pulls back towards cloud support

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EURUSD topped around 1.1180 and is now pulling back towards 1.11. Trend remains bullish as long as price is above 1.1030 and any pull back is considered as buying opportunity. According to Ichimoku cloud indicator we should either see a stop of the decline today or the pull back continues towards 1.1070 area.

Price has broken above the Daily Kumo. Both tenkan- and kijun-sen are positively sloped and below price. However the Chikou span has hit the cloud resistance and got rejected, that is why we see a pull back now. Price could be heading towards the Kumo and the upper cloud boundary for a back test of the breakout. Support is at 1.11 area. A bounce off this level would be a bullish sign and we could see the resumption of the up trend. Resistance is at recent highs of 1.1180. Next upside target is at 1.1250 and next at 1.14.

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