EURUSD although is trading inside the Kumo the bullish scenario remains the primary one as price has moved above key resistance levels. We use the Ichimoku cloud indicator to find more points of interest.
Resistance at 1.18-1.1820 is key. Price is above the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). Support by the tenkan-sen and kijun-sen is at 1.1760. Next key support by the Kumo is at 1.16, while resistance by the upper cloud boundary is at 1.1870. The tenkan-sen is about to cross above the kijun-sen, the Chikou span (black line indicator) is challenging the past candlestick body which is now resistance. This confirms our view that 1.18-1.1820 is key resistance. As long as price remains above 1.1760 we remain optimistic for a move towards 1.21.
