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Ichimoku Indicator

04.06.202019:46 Forex Analysis & Reviews: EURUSD challenging major weekly resistance levels

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EURUSD continues to make higher highs and higher lows. Price has broken above 1.13 and has exited the bearish channel that was created in 2018. Price is now challenging important highs and long-term resistance trend lines.

Black lines- bearish channel

Red line -long-term resistance trend line

EURUSD is challenging the 1.13 level. Even at the beginning of March 2020 when price was around 1.13, the weekly candlestick never closed above 1.1285. Bulls have the chance to make new weekly highs on a closing basis. This is very important news.

In Ichimoku cloud terms EURUSD is getting stronger every day. First we had a weak bullish signal when the tenkan-sen broke above the kijun-sen. The price entered the Ichimoku cloud. Pulled back as a back test and bounced off the tenkan-sen and kijun-sen indicators. Then price broke above the cloud and has not looked back. Key support is the upper cloud boundary. EURUSD has changed daily trend from neutral to bullish when price broke out of the cloud. 1.1080 and 1.11 are now key support levels.

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