Euro trading inside cloud
Tatiana Norkina, FBS analyst
EURUSD made its way into the four-hour cloud area yesterday, after the bulls failed to break through the Tenkan-Sen and Kijun-Sen lines resistance. The support formed by the cloud's lower border around 1.1010 was tested yesterday as well. So far, the level is retained by the bulls, however, the short-term trend is determined by the dead cross. Let us also note that at the current levels, the buyers' progress will be hindered by both the cloud's upper border and Tenkan-sen, in the 1.1070 area. And the 11th figure contains the Kijun-sen resistance. The bulls might attempt to move into the positive area today, but further trading is obvious to continue within the cloud.
Technical levels: support – 1.1000; resistance – 1.1070, 1.1100.
Trade recommendations: out of market.