EUR/USD
The euro completed its work in January. Despite the fact that bullish traders failed to continue the upward movement and take advantage of the bullish potential of the end of 2020, the pair nevertheless maintained its position in the bullish area relative to the monthly cloud, and as a result it formed a growth target for the breakout of the cloud (1.3359-1. 3695). A certain influence and attraction in the current situation is exerted by the record milestone of 1.2170. As a result, if bullish traders manage to keep what they have achieved, surpass 1.2170 and develop an upward trend, strengthening their positions, then the following growth benchmarks can be designated for 2021 - the high (1.2555) - the monthly target for the breakdown of the Chinkou price chart (1.2699-1.2892) - the target for the breakdown of the monthly cloud (1.3359-1.3695) - the peak (1.3993). The inability of the bears to limit the current downward correction by the support of weekly levels (1.2136-1.2064) will lead to a continuation of the decline. In this case, the bears' next task will be to eliminate the weekly golden cross (1.1976-1.1887), then the most important thing to do is to pass the 1.1750 area, where monthly Ichimoku levels will combine their efforts in February.
Take note that the daily Ichimoku cloud is simultaneously working with the support of the weekly golden cross. The main steps for bullish prospects, ending the current decline and restoring the upward trend will maintain the support of the daily cloud, breaking the record limit of 1.2170, eliminating the daily death cross (1.2202-36), updating the high of 1.2349. If the bulls can not deal with the task, then the important nearest limits for the decline will be the daily cloud and the weekly cross levels of 1.2065-1.1976 and 1.1887.
Ichimoku Kinko Hyo (9.26.52)
The material has been provided by InstaForex Company - www.instaforex.com