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EURUSD yesterday gave us the first sign of strength by closing the 4 hour candlestick above the tenkan-sen. In previous posts we noted that a bounce higher was justified. Price reached the first important resistance level at 1.0870.
Trend remains bearish as price is still below the 4 hour Kumo (cloud). Price has broken above the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). Price has reached as expected the lower cloud boundary which is key short-term resistance. The Chikou span (blue line indicator) is below the candlestick pattern challenging resistance. Current market conditions confirm that we are at a very important short-term junction. The 1.0870 level is important resistance. Bulls need to overcome this in order to continue higher.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.