EURUSD is pulling back today towards 1.1140 after making a double top around 1.1180. Daily trend according to the Ichimoku cloud indicator is bullish as price is above the Kumo (cloud). However if price closes below 1.1123 we should expect more weakness to come.
EURUSD is above both the tenkan- and kijun-sen indicators. Daily trend is bullish but price has found resistance at 1.1180 and is getting a pull back. The Chikou span (dark green indicator) has hit the cloud resistance confirming the importance of 1.1180. If price breaks below the tenkan-sen (1.1123) we could see price fall towards the Kumo (cloud) at 1.1070 or even towards the kijun-sen at 1.1030. If resistance at 1.1180 breaks we should expect 1.1250 to be achieved at least. Currently short-term traders favor bearish positions as the stop for the bearish scenario is closer and the risk reward is better.
