Dollar bounced….but
June 22, 2017
Ξεκλείδωμα άρθρων
June 23, 2017

EURUSD got rejected  for the 2nd time by the Ichimoku cloud (Kumo) in the 4 hour chart. This is a bearish sign.

Trend remains bearish as price is trading below  the Kumo (cloud). The first rejection at 1.1210 lead to a nearly 100 pip decline towards 1.1117. Will we have a similar price action lower towards 1.1050?

In the daily chart above we see price has broken below both the tenkan- and kijun-sen. Usually price behavior like this implies that we should expect the Dollar index to move towards the daily Kumo (cloud) support around 1.10.  Only a break above 1.1220 could change this short-term view.

 

Thank you for taking the time to catch up on my thinking.

Alexandros Yfantis
Alexandros Yfantis
Fascinated by financial markets, studied International Securities Investment and Banking in the UK, works as a Portfolio Manager in Greece and runs a technical analysis website. Enjoys travelling and spending time with his family and preparing for the black belt in Korean Karate.