EURUSD remains in a bullish trend. Bulls will need to hold price above 1.18 otherwise there will be danger of a pull back below 1.17, Price remains above the Ichimoku cloud. Bulls must fight to keep it that way. The pull back towards the Ichimoku cloud, after price broke above the cloud, is a bullish sign.

After the Ichimoku cloud break out, we usually see a back test of the cloud. This is what is happening again now as you can see in the Daily chart below


Even in the 4 hour chart we see price testing the Kumo from above. It is a good sign for bulls if price respects cloud support and bounces off of it.


Support remains at 1.1815-1.18. Breaking below it will open the way for a move towards 1.1760 at least. Breaking below 1.1760 will open the way for a move towards 1.16 and maybe lower. So traders need to be very cautious at these levels. With current price action, it is preferred to take partial long positions as long as price is above the 4 hour cloud and add to long positions on a break above 1.1920. If price fails to hold 1.18, traders should look to open partial short positions and add below 1.1745.

The material has been provided by InstaForex Company –

Leave your vote

🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.

As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.