For Traders

Analytical Reviews

Ichimoku Indicator

20.04.202123:20 Forex Analysis & Reviews: EURUSD tests 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.

In ichimoku cloud terms, short-term trend is neutral as price entered the ichimoku cloud. Price continues making higher highs and higher lows but a rejection around 1.20-1.2050 would be a bearish signal.

Price is above both the tenkan-sen (Red line indicator) and the kijun-sen (yellow line indicator). If price breaks above the cloud resistance at 1.2092 then Daily trend will change to bullish. A rejection at current levels would push price towards the kijun-sen at 1.1890. Bulls do not want to see a rejection at current levels. Price is below the cloud and might be forming a head and shoulders pattern as we talked a couple days ago. Major support remains at 1.1750-1.17.

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.