The EURUSD overall sediment is bullish with the price above the Kumo and the Chikou above price after three consecutive bullish days. Still that doesn’t confirm strong support for long positions. The resistance level from the Kumo flat top at 1.4454 needs to be broken. The pair is unstable with neither bulls, nor bears able to take over the market. This can be seen with the Kumo flat top and the traverse of price crossing the Kijun multiple times within the past 3 weeks. Normally we look at the Kijun as a trend line and with a violation we look for change of direction. Tenkan and Kijun relation remains bearish and the Kumo future is also bearish. Trades are not suggested on the daily time frame until all our signals are bullish or bearish.

The 4 hour chart below is all bullish with price above the Kumo, the Chikou above price and the Kumo, the Tenkan and Kijun relationship is bullish with Tekan crossing up from under Kijun and the Kumo future is bullish and on a very nice angle which is indicating trending. Be aware of resistance at 1.4506 and 1.4601 from the 4 hour Kumo top and major resistance at the 1.4682 level from the daily swing high on 6/7 and 6/8.

Look for a pullback of this most recent move on the 4 hour time frame to enter the market off of Fibonacci retracement levels or support level @ 1.4382 and 1.4283 if the pair retraces that far.

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Tags: analysis, eurusd, ichimoku

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