Today’s Forex Guide

EUR/USD Testing Ichimoku Cloud’s Lower Band


Apr.16.2015

10:15 AM (EST) Update

EUR/USD 4 Hour
EUR/USD 4 Hour: Reached our first bullish target at 1.0730

Suggested positioning: Long Positions above 1.0676 with 1.0730 and 1.0809 as targets

Technical reasons: The pair reached and surpassed the 23% Fibonacci level and currently testing the lower band of Ichimoku cloud with the RSI above the neutrality area.

Alternative Scenario: Below 1.0676 look for further drops back to support levels at 1.0550 and 1.0470.

Where I'm setting my stops and limits:

Support Levels Turning Point Resistance Levels
1.0550 1.0655 1.0720
1.0470 1.0780

 

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