Today’s Forex Guide

EUR/USD is on FIRE! Testing Above Ichimoku – Approaching 23% Fibonacci


Apr.30.2015

3:00 PM (EST) Update

EUR/USD Daily
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

 

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