EURUSD is moving past our bounce target of 1.18-1.1850. Dollar remains weak for the second consecutive session and EUR bulls take advantage of it. Price has broken above the short-term Ichimoku cloud resistance and this implies more upside at least for the short-term.

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Price has broken above the 4hour Ichimoku cloud resistance. Support is now at the upper cloud boundary at 1.1825. Bulls need to defend this level and stay above it.

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In the Daily chart price has broken above the tenkan-sen (red line indicator). This implies that a move towards the kijun-sen (yellow line indicator) resistance is imminent. True, price is approaching the kijun-sen at 1.1906. A break above this level will push price towards the Daily Kumo at 1.2050-1.21. As long as price is below the Daily cloud, medium-term trend remains bearish.The material has been provided by InstaForex Company – www.instaforex.com

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