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 needs a correction
Technical levels: support – 1.0800; resistance – 1.0900.
1. Sell — 1.0860; SL — 1.0880; TP1 — 1.0800.
2. Buy — 1.0800; SL — 1.0780; TP1 — 1.0900; TP2 – 1.0930.
Reason: bullish Ichimoku Cloud, but Senkou Span A and B are horizontal; a cancelled golden cross of Tenkan-sen and Kijun-sen, the lines are horizontal; the prices are under strong resistance on daily timeframe; the local market is overbought.
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.