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: there might be a rebound
On the EUR/USD daily chart, there is a correction towards the upward near-term trend. If Bulls manage to consolidate above the level of 1.344 (78.6% from the downward near-term wave), the risks of the continuation of the rally towards the target 127.2% in the Crab pattern will increase. A downfall of the euro towards the area of 1.1255 – 1.129 can be used for opening long positions.
On the EUR/USD hourly chart, a downfall of quotes towards the lower borders of the short-term and near-term trading channels followed by the rebound will allow us to find the most beneficial entry point.
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.