FX.co ★ Ichimoku cloud indicator Daily analysis of EURUSD

Today we use the Ichimoku cloud indicator in order to identify key support and resistance levels for EURUSD. Trend is neutral as price is inside the Kumo (cloud). As we said in previous post 1.18 is key resistance and this is verified by the Ichimoku cloud.

Support by the tenkan-sen (red line indicator) is at 1.17. Resistance by the kijun-sen and the upper cloud boundary is at 1.18-1.1815. Bulls need to recapture this level in order to hope for a move towards 1.19 and higher. A rejection at 1.18 will open the way for a pull back towards 1.17-1.16.