EURUSD keeping under cloud
Tataiana Norkina, FBS analyst
EURUSD recovered to the four-hour Ichimoku cloud lower border yesterday. However, there is no clear level restraining growth yet. Indeed, in the course of the day, the currency pair rate was getting inside the cloud several times but then again moved into the negative zone. Let us note here that the major trend has changed for the bearish: the cloud is now directed correspondingly.
But slightly below, in the 1.1250 area, the rate's further decline is restrained by the Tenkan and Kijun lines that have even formed, albeit wrong, but a golden cross this morning. Obviously, if this level is held, trading will be carried out within the cloud in the near future. Otherwise, let us expect the market slide to the 11th figure.
Technical levels: support – 1.1250, 1.1100; resistance – 1.1310, 1.1355.
1. Sell — 1.1230; SL — 1.1250; TP1 — 1.1170; TP2 — 1.1100.
2. Buy — 1.1250; SL — 1.1230; TP1 — 1.1310; TP2 — 1.1355.