FX.co ★ Ichimoku cloud indicator analysis of EUR/USD for June 5, 2018

Although EUR/USD broke above 1.1720-1.1730 yesterday, it did not manage to hold above it and fell back below 1.17. This is not necessarily a bad thing because price broke out of the 4-hour Kumo (cloud) after almost 2 months below it and back tested support at 1.1680-1.1690.

As can be seen above on the 4-hour chart, the EUR/USD pair has finally broken above the cloud. My minimum bounce target is at 1.1875 where we find the 38% Fibonacci retracement. Support is found at 1.1665 and next at 1.1630. I'm bullish on EURUSD as I believe that we should at least see a strong bounce from the current levels.