FX.co ★ Ichimoku cloud indicator analysis of EURUSD

EURUSD remains in a bullish trend as price continues to trade above the Ichimoku cloud. Price recently pulled back as expected towards cloud support and bounced off of it. This was the bullish sign we talked about and what bulls wanted to see.

EURUSD so far has respected the cloud and stayed above it in the 4 hour chart. Price is bouncing off the cloud and this supports the bullish trend. Support is found at 1.2160-1.2140 and next at 1.21. Breaking below 1.21 will put the short-term bullish trend in danger. Bulls need to defend this support. After the short-term pull back EURUSD is making higher highs and higher lows. Trend remains bullish. 1.2260 is our next target.