FX.co ★ Short-term Ichimoku cloud indicator analysis of EURUSD for July 22, 2020

EURUSD remains in a bullish trend. In our last Ichimoku cloud analysis we noted the new bullish signal by the crossing of the tenkan-sen above the kijun-sen. At that time we had 1.15-1.1550 as our next target. This target area has been reached. Time for bulls to be cautious and protect gains.

Trend is bullish as price remains above the cloud and above both the tenkan-sen and kijun-sen indicators. The Chikou span (black line indicator) is also bullish well above the candlestick bodies. Support is found at 1.1425 and next at 1.1385. It is time for bulls to be cautious as a pull back from current levels is justified. I do not expect a trend change. Only a pull back. Trend remains bullish for the medium-term at least. Long-term support and key long-term support level remains at 1.12.