EURUSD breaks above Ichimoku cloud

May 4, 2015

EUR/USD is looking more bullish after breaking above the daily Ichimoku cloud last week. The pair remains outside the cloud for a third day. Price peaked at 1.1289 after finding resistance at the 23.6% Fibonacci retracement level of the downleg from the May 2014 high of 1.3992 to the March low of 1.0461. Prices are currently just below the key 1.1200 level but the intraday bias remains bullish as the RSI is in bullish territory above 50 and the tenkan-sen and kijun-sen lines are positively aligned.

Support will likely be provided by the Ichimoku cloud. A break back into the cloud and below it would open the way for a retest of the 1.0461 low.

A sustained break of resistance at 1.1289 could open the way to the next Fibonacci level at 1.1811 and increase the chance of a trend reversal. EURUSD has been in a downtrend since May 2014.

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