Trader, analyst and instructor with a 6-year experience

EUR/USD: Ichimoku analysis

Daily. The EUR/USD currency pair formed new local highs last week (1.3570) before entering a corrective phase. The pair has been declining towards Tenkan-sen for the last 3 days, but the overall bullish trend persists. Bullish Ichimoku cloud and the "golden cross" all speak in favor of further growth (С). Next support levels are seen at 1.3410 and  1.3370. Note that Chinkou Span is also approaching the price support. A bullish bounce is possible in the near term.

Chart. Daily EUR/USD

H4. The H4 chart also confirms the corrective phase on the market. The pair has been depreciating since Monday inside of the Tenkan-Kijun channel. Note that the price has already reached the lower border of that channel, so there is a chance for an upward reversal. However, pay attention to the "dead cross" (С). As a result, we concede a consolidation around the current levels or even a decline towards the interim support at 1.3450. The overall trend here is also bullish (see Senkou Span A).

Chart. H4 EUR/USD

Tatiana Norkina for FX Bazooka

Scroll to top