Technical Analysis on EURUSD

EURUSD Daily Timeframe

Based on the Ichimoku system, it could be noticed that on the EURUSD daily timeframe the price seems to be in a range. This could be identified by the following facts. Firstly, the price seems to create almost even levels of support and resistance. Secondly, the Tekan Sen, Kiju Sen and Chikou Span lines appear inside the Kumo cloud. Now, a clear direction of the price could be noticed. Precisely, this could be spotted by going on the 1H timeframe.

EURUSD 1H Timeframe

On the 1H timeframe, the price seems to be in a bearish mode. Based on the rules of the Ichimoku system, the price appears below the Kumo cloud. The Tekan Sen, Kijun Sen, and Chikou span seem to be in bear formation too. If the price moves below the Tekan Sen, then we could consider looking for signals in accordance with the Ichimoku rules.

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