25.03.202014:45 Forex Analysis & Reviews: Short-term analysis of EURUSD

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

EURUSD despite the pull back towards 1.0750 is still challenging the important resistance area of 1.08-1.0830. The Ichimoku cloud indicator has provided us with a weak bullish signal and it is important to see how price reacts over the next few hours at the downward sloping resistance trend line.

In the 4 hour chart with the Ichimoku cloud indicator we see two important things. The Chikou span (black line indicator) is testing candlestick resistance from below. The tenkan-sen (red line indicator) is crossing the kijun-sen (green line indicator). This could lead to a push higher towards cloud resistance at 1.0930. However it is very important to see the next couple of candlesticks if they will be able to hold above the tenkan- and kijun-sen indicators.

Red line - important resistance trend line

Green line - support trend line

Yellow area - resistance area

EURUSD is challenging once again the red resistance trend line. The green support trend line should hold. A break above the red trend line would be a bullish sign. So far this resistance is respected and price is below it. The next few hours are important for short-term trend. If resistance is broken, my first short-term target is at 1.0960 and the 38% Fibonacci retracement.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.