Ichimoku cloud indicator analysis on EUR/USD for July 11, 2018

The EUR/USD pair has pulled back below 1.17 yesterday. The price challenged the 4-hour kijun-sen support and managed to stay above it. Price reversed higher towards 1.1740 and it still trades above the tenkan- and kijun-sen indicators. The trend remains bullish as the price is still above the Kumo (cloud).

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EUR/USD has pulled back as far as the 50% Fibonacci retracement of the rise from 1.1590 and closed above the 38% Fibonacci retracement. This pullback and short-term weakness can now be followed by more strength in EURUSD towards 1.19-120. Key resistance is at 1.1760 and next at 1.1790. Support is at 1.1720 and next at 1.1685. Holding above 1.17 is crucial for the short-term. The trend remains bullish therefore we still consider any pullback as a buying opportunity.

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