Bullish Ichimoku Cloud with horizontal Senkou Span A and B; a cancelled golden cross of Tenkan-sen and Kijun-sen, the lines are horizontal; the market is still on the support of the Cloud.
EUR/USD: euro resists correction
TP1 1.1235 TP2 1.1285
On the daily chart, EUR/USD is undergoing short-term consolidation in the 1.1110-1.1180 area. Bears try to return inside the previous rising channel. If they fail, risks of the uptrend’s resumption will increase.
On H1, EUR/USD formed “Wolfe waves” pattern. The break of resistance at 1.1175 will trigger 1-2-3 and “Crab” patterns. The 161.8% target of the latter is at 1.1275. Together with the historic resistance, it allows distinguishing convergence area of 1.1275-1.1285.
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.