EUR/JPY broke key support level 131…
EUR/USD ahead of Jackson Hole: towards 1.1865?
Ahead of Jackson Hole Symposium this weekend, EUR/USD has been trading in a slightly bullish tone above the 200 SMA at H1 chart. According to our Fibonacci forecast, the pair has made a rebound above the 50% Fibonacci retracement level at 1.1743 and it’s projected to reach the next target for the short-term at 1.1865 (-23.6%). To the downside, the next key area is located at the 1.1696 level, at which lies the 78.6% Fibonacci retracement zone.
RSI indicator remains pointing to the upside, favoring to the bulls in the short-term at least.
There isn't any reversal pattern so far. If the 21 MA acts as resistance, we're likely going to have just another decline...
Expanding bullish Ichimoku Cloud with rising Senkou Span A; a cancelled golden cross of Tenkan-sen and Kijun-sen; the prices are returned to the support of Tenkan and Kijun and may go higher.
Narrow bearish Ichimoku Cloud with horizontal Senkou Span A and B; a golden cross of Tenkan-sen and Kijun-sen, but the lines are horizontal; the Bulls can’t breaking out the resistance of upper border of the Cloud and the market may return to 113.00.