EURUSD: Weekly Review (14/11)
Tatiana Norkina, FBS analyst
Daily. As we have predicted in the previous review, the currency pair consolidated above weekly support 1.2340/50. On the daily timeframe bulls stopped by Tenkan-sen line that formed the resistance at 1.2470. Ichimoku configured negatively: the cloud is bearish nature and still operates dead cross. But all the lines are currently directed sideways.
Thus oscillators show a positive trend.
Graph. Daily EUR/USD
H4. On the 4-hour timeframe Ichimoku lines are also directed sideways, but the Tenkan-Sen and Kijun-sen do not nulify the golden cross. At the same time, strong resistance from the bottom of the cloud doesn't let bulls bulls go further up.
We would like to note that in this time frame MACD crept close to zero. Therefore, in the near future we do not exclude the corrective growth in the area of the 26th figure.
If the resistance of 1.2470 resists, we will wait for the new lows of two weeks ago.
Graph. H4 EUR/USD