EUR/USD: Ichimoku analysis (Feb. 28)
By Tatyana Norkina, FBS analyst
Daily. The long consolidation of the pair above $1.3700 has unexpectedly ended by its break down, to the upper limit of the Ichimoku Cloud in the $1.3650 area. Nevertheless, this hasn’t dampened the enthusiasm of the short-term bulls who still aim for further recovery. In particular, they supported by the golden cross. At the same time, the nature of the Ichimoku Cloud remains bearish.
Chart. Daily EUR/USD
H4. At H4 the pair slid inside the Ichimoku Cloud breaking through the support of its upper boundary from the third attempt. The short-term trend became bearish. Tenkan and Kijun crossed forming a dead cross. However, the Cloud remains bullish, although its range narrowed because of the decline in Senkou Span A. The pair may keep declining towards the bottom of the Cloud.
Chart. H4 EUR/USD