EURUSD has broken below the tenkan-sen and kijun-sen indicators and is testing the upper channel boundary. As we mentioned in our last analysis using Ichimoku cloud indicator, price has given us a sign of weakness by breaking below 1.1753. This has pushed price lower towards cloud support as expected.
EURUSD has support at 1.1735. Bulls want to see price bounce off this level and continue higher and break above the tenkan-sen (Red line indicator). The tenkan-sen is short-term resistance at 1.1757. A break above this level will be a sign of strength. Bulls do not want to see price break inside and below the 4 hour Kumo (cloud). This would be a bearish sign. As long as price is above the cloud, there is potential to move higher towards 1.19.
