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Forex

EUR/USD : Kumo resistance and support

From the above Ichimoku Daily Chart, we can see that EUR/USD fails to breakout of the thick kumo resistance.

This reflected the issues that the Eurozone is facing.

However, we might want to take note that the leading kumo is showing possible signs that the trend may turn.

Do note the support from the Tenkan sen at around 1.305

We can see how it corresponds to the support in the 15min chart from the Chikou Span

My short term bias is bearish on the Euro and believes that the level will be breached.

Vested with short position.