XM Group - Analytics

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    Technical Analysis – EURUSD neutral with support from Ichimoku cloud

    The intra-day bias for EURUSD has turned bearish after opening lower on Wednesday. Looking at the daily chart, prices are below the tenkan-sen line. Immediate support is provided by the kijun-sen line and the Ichimoku cloud. RSI is below 50 and this supports the downside bias. A strong move back into the cloud could see prices target the low of 1.0953. To the upside, a decisive move above the tenkan-sen line could push prices towards the June 18 high of 1.1435.

    In the bigger picture, the market has no trend since the end of April and is likely to remain neutral unless prices break below the low of 1.0461 to resume the prior downtrend. Alternatively, a break out of the upper range above 1.1466 would shift the bias to the upside and we could see a reversal of the trend.

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