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: outlook is bullish
TP1 1.1600 TP2 1.1800.
On the daily chart, bulls managed to break above resistance at 1.1472-1.1480. This put the longer-term bearish trend to an end. Resistance became support, “Bat” pattern turned into “Crab” with interim target of 127.2% at 1.1800.
On H1, EUR/USD is trading within the bullish channel. Bulls are in control. Buy on any pullbacks to the downside.
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.