EUR/USD: Upside prevails above Ichimoku
Trading idea: Long positions above 1.094 targeting 1.1270 and 1.1786 in extension
Technical analysis: 6 consecutive days of bullish candlesticks, the EUR/USD pair finally tested above the Ichimoku cloud. The good news is that we could see more upside coming up. The MACD line has crossed above the signal line BIG time.
The bad news is that it is unlikely that the pairs continues up with such strong sentiment and could possibly see a pullback before shooting back up. Look for the right timing to get in and stay bullish my friends.
Alternative Scenario: Below 1.094 look for further drops back to support levels at 1.0560 and 1.0450
Where I’m setting my stops and limits:
| Support Levels | Turning Point | Resistance Levels |
|---|---|---|
| 1.0560 | 1.094 | 1.1270 |
| 1.0450 | 1.1772 |
#1 Best Selling Author. Helping you accelerate your retirement with Triple Compounding™ Former engineer on a mission to help 1 million households take control of their finances. Founder & CEO of Invest Diva.
