EURUSD shows short-term signs of strength entering the Ichimoku cloud.

By | May 20, 2020
InstaForex
EURUSD shows short-term signs of strength entering the Ichimoku cloud.

Relevance up to 09:00 2020-05-21 UTC–5

EURUSD is making new higher highs and has entered the Ichimoku cloud resistance area. Trend is now neutral in terms of the Ichimoku cloud indicator on a daily basis. As long as price is inside the Cloud, we consider trend is neutral.

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EURUSD has held above the tenkan-sen (yellow line indicator) and the kijun-sen (green line indicator). The tenkan-sen is also crossing above the kijun-sen. This is a weak bullish signal. Price entering the body of the cloud is a sign of strength since it comes from below. Next key resistance is the upper cloud boundary at 1.1065. Breaking above this level would be a big win for bulls. Support remains key at the lower cloud boundary at 1.0960 and next at 1.087-1.0880.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Performed by Alexandros Yfantis,
Analytical expert
InstaForex Group © 2007-2020

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