EUR/USD: weekly Ichimoku analysis
Daily. During the past week the pair has settled above $1.3600 and started showing signs of recovery. On the daily chart the bulls broke up resistance provided by Kijun-sen and found themselves in the range between the short-term lines of the indicator and the Ichimoku Cloud. However, further growth can be very difficult, as there are many intermediate resistance levels around $1.3650. If euro manages to get past these obstacles, it would probably be able to test the boundary of the Cloud as early as at the beginning of July.
Chart. Daily EUR/USD
H4. On H4 the bullish trend continued after yesterday’s rebound from the Cloud. Indeed, the necessary corrective decline to the $1.3590 support area was carried out. Ichimoku indicator looks quite positive, but the lines are now directed horizontally. This may indicate a high probability of further consolidation at the current levels with a little updating of the last week’s highs.
Chart. H4 EUR/USD