EURUSD is trading around 1.1361. Yesterday price made a low around 1.1280 but at the end of the day, bulls managed to close price above 1.13 which was the key support. Using the Ichimoku cloud indicator in our previous posts, we noted that it was important for bulls to hold inside the cloud.
EURUSD has so far retraced a little bit more than the 50% of the entire rise from 1.1122 to 1.1484. Price is bouncing off the 50% retracement. The entire pull back could very well be over. However it is too soon to say if a new upward move has started. Traders need to keep a close eye on the form of the rise. Support is at yesterday's lows at 1.1280. Bulls do not want to see price below that level.
