FX.co ★ Ichimoku cloud indicator Daily analysis of EURUSD

EURUSD remains in a bullish trend Price respects the tenkan-sen indicator and despite a short-term move below it, bulls managed to recapture it and they are now challenging recent highs.Trend so far never changed and all indicators continue to support the bullish scenario.

Support by the tenkan-sen (red line indicator) is at 1.22. Staying above it will ensure short-term momentum stays bullish. Expecting new highs over the next couple of sessions towards 1.23-1.2350 as long as we hold 1.22. Breaking below 1.22 on a daily basis will increase chances of a pull back towards the kijun-sen (yellow line indicator) at 1.2036. The Chikou span (black line indicator) is above the candlestick pattern thus bullish. Concluding, the Ichimoku cloud indicator continues to favor the bullish scenario of higher prices towards 1.2350.