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EURUSD provided a short-term bullish signal last week by breaking out and above the downward sloping wedge pattern. Price today is under pressure and we use the Ichimoku cloud indicator to show why the advance has stopped at 1.1330.
Price has reached the 4 hour Ichimoku cloud resistance and got rejected at 1.1330. Price is pulling back and continues to trade below the Kumo (cloud). In order the Ichimoku cloud indicator to confirm a trend reversal, price will need to push above the cloud resistance. A move above 1.1280 will change trend to neutral according to the Ichimoku indicator. For a bullish reversal, EURUSD will need to break above 1.1330. The importance of the wedge pattern break out is not canceled by the cloud rejection. On the contrary, in order for the bullish scenario to strengthen, bulls will need to make higher highs and higher lows and eventually push above 1.1330.
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