EURUSD is trading at 1.1371; the instrument is moving inside Ichimoku Cloud, thus indicating a sideways tendency. The markets could indicate that the price may test the cloud’s upside border at 1.1405 and then resume moving downwards to reach 1.1205. Another signal in favour of a further downtrend will be a rebound from the downside border of a Double Top reversal pattern.
However, the bearish scenario may no longer be valid if the price breaks the cloud’s upside border and fixes above 1.1445. In this case, the pair may continue growing towards 1.1535. To confirm further decline, the asset must break the rising channel’s downside border and fix below 1.1325.
Orgin: RoboForex
