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26.06.2018 08:59 AM
Ichimoku cloud indicator analysis on EUR/USD for June 26, 2018

The EUR/USD pair has broken above 1.17 and has reached the 61.8% Fibonacci retracement as expected at 1.1720. Price got rejected and is now back testing the breakout above the Kumo (Ichimoku cloud) resistance that is now support.

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As can be seen above, EUR/USD has broken above the 4-hour Ichimoku cloud (Kumo). This is a bullish sign if price manages to hold above it. Price got rejected at the important resistance Fibonacci level of 61.8% and for the short-term to remain bullish we will need a break above 1.1720 on a weekly close. Support is at 1.1689 and at 1.1640. A break below 1.1640 will open the way for a move towards 1.1580. This support at 1.1580 must hold, otherwise a new low towards 1.1450 should be expected.
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