EUR/USD has broken out and above the bearish short-term channel. We could see a back test of the break out area at 1.1250. A touch of 1.1250 area and a bounce would be a bullish sign. Next important short-term resistance at 1.1286 and 1.13
In Ichimoku cloud terms we are cautious and focused on two levels. On a daily basis we see price bounce off the cloud support. Bulls do not want to see price break below 1.12-1.1190.
In the 4-hour chart we see price remain below the cloud and so far has reached the resistance by the cloud and gets rejected.
A rejection at current levels is not something bulls want to see. A pull back and a higher low is acceptable by bulls…but eventually they will have to show their strength by breaking above 1.13-1.1320.
Short-Term EUR/USD Technicals
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