EURUSD reached yesterday our 1.2350 target and today is pulling back towards cloud support. Price is trading just above 1.2250 where we find key short-term support. The Ichimoku cloud so far provides robust support at 1.2250. Price touched the cloud and is now bouncing. This is bullish behavior.
EURUSD is trading below the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). Resistance by the tenkan-sen is at 1.2296 and by the kijun-sen at 1.2280. Bulls need to recapture these two levels in order to hope for a move higher towards 1.2450-1.25. Trend remains bullish in the short-term as long as price is above the Kumo (cloud). Breaking below 1.2250-1.2225 would signal a change in the 4 hour trend.
