EUR/USD: bulls are trying to push higher
Tatyana Norkina, FBS
Buyers managed to push the price higher towards the 1.2460 mark by the end of the week. We should note that at these levels Kijun-sen formed a strong level. Break higher could open the way for a further recovery towards the lower border of the Ichimoku Cloud (1.2520).
The price is now trying to fix here. All the Ichimoku lines are lying sideways, confirming that the current recovery is corrective.
Oscillators point to a decisive growth. Price fix in the 1.2440-1.2460 range could become a signal for new buying. In the other case we would expect the downside to resume.
Technical levels: support – 1.2440/60; resistance – 1.2520.
1. Buy — 1.2460; SL — 1.2430; TP1 — 1.2520; TP2 — 1.2560.
2. Sell — 1.2430; SL — 1.2460; TP1 — 1.2380.