Eurusd made a low at 1.1228 and is now above 1.13. Price has broken the short-term resistance levels we mentioned in our last Ichimoku cloud analysis and is now ready to make a higher high. The short-term resistance trend line is broken and price has formed a higher low from which we expect price to move higher towards 1.1440.
Blue lines - expected size of upward move to follow
EURUSD is breaking above the red resistance trend line. This is a bullish sign. Next resistance is recent high at 1.1383. Breaking above it, will confirm that we are heading towards our bullish target of 1.1440 at least. As we mentioned many times the last couple of weeks, EURUSD at 1.12-1.13 area is expected to form a major low and start a strong upward move. We continue to believe this is not the time to be bearish EURUSD.
