EURUSD is trading at 1.1751. In Ichimoku cloud terms price is very close to providing a bullish signal as price is trying to break above the Kumo (cloud) in the 4 hour chart. The bounce towards 1.1750-1.18 was expected as we warned traders on time. Next resistance is at 1.1805 where the previous short-term highs are found.
EURUSD is trading above the Kumo. Support by the cloud is at 1.1735 -1.1720. As long as the 4 hour chart remains above this zone and the Kumo, bulls have hopes for a move towards 1.18 and higher. Both tenkan-sen and kijun-sen are positively sloped and continue to support the bullish trend. Failure to hold above 1.1715 would be a sign of weakness and a sign that more downside should be expected.
