18.07.201809:08 Forex Analysis & Reviews: Ichimoku cloud indicator analysis on EUR/USD for July 18, 2018

Long-term review

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Yesterday I warned EUR/USD bulls that the price was challenging important cloud resistance at 1.1730-1.1760. A rejection at that level could push the price below 1.17 towards the lower triangle boundary around 1.1620. This is exactly what happened.

Red lines - triangle pattern

Blue line - important support

The EUR/USD got rejected at the lower cloud boundary and pulled back towards the lower triangle boundary which is short-term support. A break below this level will open the way for a move towards 1.15 with very high chances of breaking below 1.15. As we previously said, as long as EUR/USD is below 1.1760 we remain bearish.

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