Short Term trend: Bearish
Ichimoku analysis (4 Hour chart):
Tenkan-Sen level: 1.2487
Kijun-Sen level: 1.2485
Ichimoku cloud top: 1.2456
Ichimoku cloud bottom: 1.2563
EUR/USD has made a high of 1.2576 and is retreating from that level. Overall trend is weak as long as resistance 1.2735 holds.
The minor support is around 1.2350. Any indicative break will target 1.2203/1.2087 (161.8% retracement of 1.2994 to 1.2500 from 1.28859).
The major resistance is around 1.2630 and any indicative break would extend gain to 1.2690/1.2735 in the short term.
Recommendation: Sell EUR/USD around 1.2474, SL 1.2735, Target 1.2085.
Ichimoku analysis (4 Hour chart):
Tenkan-Sen level: 1.2487
Kijun-Sen level: 1.2485
Ichimoku cloud top: 1.2456
Ichimoku cloud bottom: 1.2563
EUR/USD has made a high of 1.2576 and is retreating from that level. Overall trend is weak as long as resistance 1.2735 holds.
The minor support is around 1.2350. Any indicative break will target 1.2203/1.2087 (161.8% retracement of 1.2994 to 1.2500 from 1.28859).
The major resistance is around 1.2630 and any indicative break would extend gain to 1.2690/1.2735 in the short term.
Recommendation: Sell EUR/USD around 1.2474, SL 1.2735, Target 1.2085.