EURUSD closed last week with a modest 0.20% gain at 1.2316. Despite the attempt to break below 1.21 last week, price recouped its losses and turned slightly positive, giving some hopes to EURUSD bulls for a bullish continuation this week….early Sunday trading saw price move towards 1.2360 only to push back below 1.23 in the early Monday morning trading hours. Now price remains supported above 1.2270-1.23.
As can be seen below, the price has reached important Ichimoku cloud resistance. Only a decisive break above 1.2360 could signal more upside for this pair. A rejection and a break below 1.2260-1.2250 will be a sign of weakness that would increase the chances of breaking below last week’s low.
Levels traders should keep an eye are at 1.2360 and at 1.2268. From an Ichimoku cloud perspective, I prefer short positions as the price is below the 4-hour cloud and could get rejected. A rejection could lead to 1.2270 and even lower if support fails to hold.
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