Short-term Ichimoku cloud indicator analysis of EURUSD

EURUSD has broken out of the Kumo resistance and is making higher highs. Bulls have recaptured 1.11 as price is now turning daily trend to bullish. The weak bullish signal that we gave when the tenkan-sen crossed above the kijun-sen is now being strengthened.

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Price so far has respected both the tenkan-sen and kijun-sen indicators. Even at the recent pull back price held above them and bounced strongly back inside the cloud. Now that price has broken out and above the Kumo we have another bullish signal. It is important for bulls to keep price above the Kumo and above the tenkan-sen and kijun-sen indicators. Support by these two indicators is found at 1.10 and at 1.0935.

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Weekly analysis of Gold

Gold price started the week close to where it ended. Price pulled back below $1,700 critical support but until the end of the week price managed to reclaim the $1,700-$1,710 support area. Gold bulls remain in control of the trend and could try to push price to new higher highs once again.

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Black lines -bearish RSI divergence

The weekly RSI continues to provide a weekly bearish divergence. This does not mean that price cannot go towards $1,770-80. This is key resistance now. Support remains key at $1,700 and breaking below it will increase chances of a move towards $1,650-30. Currently I prefer to be neutral and look for shorting opportunities when and if price makes new highs close to $1,780.

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