EUR/USD: Ichimoku analysis
Daily. Bulls are starting to dominate on the EUR/USD technical front. The currency pair pushed up from the Kijun-sen support on the daily chart and returned to growth after the last week's uncertainty. Evidently, a fix above 1.3300 was agood buying stimulus for the market. We expect the pair to retest the yearly highs of 1.3420-1.3450 in the near-term. The current Ichimoku configuration is not entirely clear, since the short-term trend is determined by the "dead cross "(C). But, at the same time, the cloud is bullish - Senkou Span A (SSA) is set to increase. This situation is fraught with the return of the pair to the upper boundary of the cloud.
Chart. Daily EUR/USD
H4. There is a certain degree of uncertainty is on the H4 chart. So, after a rebound from the top of the cloud, the rate of the currency pair has reached the target level of the current recovery - 1.3380. There is a high probability of a prolonged consolidation at these levels. We also concede a decline towards Senkou Span A. In addition, we pay attention to the lower border of the cloud - SSB, which went down unexpectedly, reducing the positive power of cloud. Therefore, even despite the golden cross (C), this week buyingseems to be very risky.
Chart. H4 EUR/USD
Tatiana Norkina for FX Bazooka