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 – www.instaforex.com
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