EUR/USD: Ichimoku analysis (Mar. 14)
Tatiana Norkina, FBS analyst
Daily. This week EUR/USD strengthened to a new a yearly high of $1.3970. Bulls failed to push higher as the market has been overbought. As a result, by the end of the week the price corrected towards the Tenkan-sen line that formed support in the $1.3830 area. Bullish trend remains active, there is a golden cross (С), the Cloud is bullish.
Chart. Daily EUR/USD
H4. The H4 Ichimoku also looks positive, but the prices broke below the Tenkan and Kijun support because of the bearish correction at the end of the week. Tenkan and Kijun lines formed a golden cross (С). As a result, the pair approached the upper boarder of the bullish cloud. Next week the pair may consolidate above the Senkou Span A.
Chart. H4 EUR/USD
To contact the writer of this story: Tatiana Norkina, email@example.com