For Traders

Analytical Reviews

Ichimoku Indicator

16.09.202114:25 Forex Analysis & Reviews: EURUSD rejected at cloud resistance.

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

EURUSD is approaching our next target of 1.1750. Price remains in a bearish trend as it still below the Ichimoku cloud in the 4 hour chart. As we mentioned in our last post, as long as price was trading below 1.1850, price was vulnerable to a move lower. Support at 1.18 was broken and naturally price fell towards our next target.

EURUSD has retraced more than 50% of the entire rise from 1.1665 to 1.1909. Price was expected to reach the 61.8% Fibonacci level once 1.18 was broken. Resistance by the tenkan-sen is now at 1.1796 and by the kijun-sen at 1.1805. In other words what was once support is now resistance. At the 61.8% Fibonacci level we usually see trend reversals. If price breaks below it and stays below this will be a bearish signal.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.