Short term trend: Bearish
Ichimoku analysis (1 Hour chart):
Tenkan-Sen level: 1.2416
Kijun-Sen level: 1.2451
Ichimoku cloud top: 1.2459
Ichimoku cloud bottom: 1.2445
- EUR/USD mad a high of 1.25080 and has retreated from that level. Overall trend is weak as long as resistance 1.2530 holds.
- On the upper side above 1.2530 will target 1.2580/1.2630.
- Minor support 1.2360. Any indicative break below would extend loss to 1.2300/1.2260 (161.8% retracement of 1.2500 to 1.28859).Recommendation: Sell EUR/USD around 1.2470, SL 1.2530, Targets 1.2300/1.2260.
The material has been provided by InstaForex Company – www.instaforex.com