empty
 
 
23.07.2018 08:41 AM
Ichimoku cloud indicator analysis on EUR/USD for July 23, 2018

EUR/USD has bounced towards the important resistance of 1.1730-1.1760 once again. We warned about the bullish divergence signs last week and that a bounce towards the upper triangle boundary was very possible. The EUR/USD pair has reached this resistance again.

This image is no longer relevant

Red lines - triangle pattern

Blue line - major support

Black lines - bullish divergence

The EUR/USD has broken above the 4 hour Ichimoku cloud. The bullish divergence played out very fast as the price recovered its losses. However, the price is still below the major resistance area of 1.1730-1.1760. Only if we clear above this area we will see a sustained rally towards 1.19-1.20 or even higher. Support is at 1.17 and at 1.1660-1.1640. If we break below the red trend line support once again, we will have to take a closer look at the RSI if it holds above its previous lows. If the RSI breaks below the black trend line support, we should expect EUR/USD to break below 1.16 once again.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback