EUR/USD: Ichimoku analysis (Feb. 7)
Tatiana Norkina, analyst at FBS
Daily. Last week the pair found support at 1.3500 and recovered from this level to the lower border of the Ichimoku Cloud. Bulls failed to overcome the Senkou Span B resistance (1.3590) from the first attempt. There is a chance to consolidate further at these levels. All in all, the Ichimoku indicator is giving out negative signals: cloud — bearish, the dead cross remains in power (С).
Chart. Daily EUR/USD
H4. On the H4 timeframe the pair has also recovered towards the Ichimoku Cloud (upper boarder). Senkou Span B formed a strong resistance level at the 1.3600 figure and it is likely to limit the bullish pressure in the near term. Early next week the pair is expected to weaken towards Tenkan and Kidjun sen.
Chart. H4 EUR/USD