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Ichimoku Indicator

28.02.202009:54 Forex Analysis & Reviews: EURUSD has reached our 1.0945 target

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Our Ichimoku cloud indicator analysis has prepared traders for a move in EURUSD higher. Our last analysis has given 1.0945 as target which was achieved. There is potential for a move higher.

Red lines - downward sloping wedge pattern

EURUSD is bouncing very close to the lower wedge pattern boundary. Our analysis back in February 20th pointed out that a move above 1.0840 would be the signal for a trend reversal and a bigger bounce. Short-term trend is bullish and we now expect price to reach the upper boundary of the wedge pattern.

EURUSD has broken above the kijun-sen (yellow line indicator). Price should approach and test the Daily Kumo (cloud) resistance at 1.11-1.1050. Support is at 1.0935. Bulls do not want to see a daily close below that level.

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