EURUSD started the pull back after making a short-term top at 1.1920 and has so far retraced 50% of the rise from 1.16. EURUSD continues to trade above the Ichimoku cloud and bouncing off of it is a bullish sign. Bulls want to continue to see price above the Kumo.

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EURUSD has already recaptured the tenkan-sen (red line indicator) and is now challenging the kijun-sen (yellow line indicator). Resistance is at 1.1833. Breaking above it will be a bullish sign. Bulls want also to see the tenkan-sen cross above the kijun-sen over the coming sessions. Support by the cloud is found at 1.1775-1.1745 area. This area must hold for the bullish scenario to come true. On the other hand bears need to break below the Kumo in order to have any hopes. We prefer to be bullish as long as price is above 1.1775-1.1745 area. Target is 1.20-1.21The material has been provided by InstaForex Company – www.instaforex.com

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