Bullish Ichimoku Cloud with rising Senkou Span A and B; a golden cross of Tenkan-sen and Kijun-sen with the rising lines; the market was supported by Kijun-sen, but now is overbought and it’s under strong resistance.
EUR/USD: euro is trading in consolidation range
On the EUR/USD daily chart, there is a consolidation in the range of 1.085-1.095. A break of its lower border can lead to the realization of the "Three Movements" pattern and correction towards 1.077. In contrast, a successful test of the upper border of the range can lead to the continuation of the rally towards the 1.091-1.102 convergence zone. There is an intersection of long-term downward and medium-term upward trading channels.
On the EUR/USD hourly chart, the bulls need to be cautious with trading breakouts. There is a 200% target of the AB = CD pattern near 1.1020.
Expanding bearish Ichimoku Cloud with rising Senkou Span A; a cancelled dead cross of Tenkan-sen and Kijun-sen with the rising lines; the market are returned into the positive area.
Recommendation: SELL 105…
We've got a bearish "High Wave", which has strong confirmation. In this case, the price is likely going to decline.
Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…
The 144 Moving Average has acted as support, but there's a bearish "Engulfing' at the local high.