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04.08.2020 10:43 PM
Ichimoku cloud indicator analysis of EURUSD

EURUSD has held above cloud support and is now bouncing higher. Price is now challenging the kijun-sen indicator which is resistance at 1.18. Recapturing this price level is key for the upward continuation of the trend.

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Price is still above the Kumo (cloud). This is key for short-term bullish trend. Price is above the tenkan-sen (red line indicator). Chikou span (blue line indicator) is above the candlestick pattern. Both these signs are good for the bullish scenario. Price is now challenging the kijun-sen (yellow line indicator). Breaking above it will complete all checks for bullish confirmation. If price continues to make new higher highs and higher lows we expect to see a move towards 1.21 over the next couple of weeks. 1.17 remains short-term key support.
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