EUR/USD: battler around upper border
Tatiana Norkina, FBS analyst
The bulls have been trying to break into the positive area on the four-hour timeframes for two days already. However, the level formed by the Ichimoku cloud upper border provides strong resistance around 1.0950. Therefore, the currency pair rate was forced to revert to the Tenkan-sen line support, into the 1.0900 figure area.
The short-term situation is more that positive now - the golden cross formed by the Tenkan and Kijun lines is active. At the same time, the cloud is reluctant to change its character to bullish.
Thus, the pair's fate will depend on whether the bulls manage to overcome the Senkou Span B levels or not. We do not rule out a possibility of the prices return to the cloud's lower border.
Technical levels: support – 1.0900, 1.0820; resistance – 1.0930, 1.0960.
1. Buy — 1.0940; SL — 1.0920; TP1 — 1.1025; TP2 — 1.1110.
2. Sell — 1.0880; SL — 1.0900; TP1 — 1.0820; TP2 — 1.0740.