Looking at the EUR vs USD on the 4 hour time frame you will see the fib retracement levels placed from the July low of 1.27741 to the most recent high at 1.34532. Since the high the pair has retraced right to the 50% retracement level @ 1.31020 and has since pushed upwards and attempting to close above the resistance of the 23.6 retracement level @ 1.32859 A close above this level and we may see the pair push further towards resistance @ 1.33957
Breaking and closing above the 23.6 retracement level also would be consistent with a Kumo break of the Ichimoku Cloud therefore turning the bias of the pair a bullish. All other Ichimoku signals are bullish on the 4 hour time frame with the Kumo future bullish and the Tenkan is above the Kijun signaling a bullish market and finally the Chikou Span is above price but still below the Kumo where there is resistance for the Chikou to break the cloud and finding free range to the resistance level @ 1.33957. The resistance at 1.33957 is our main focus at this time but breaking this level could push us up to 1.34502 and an attempt further so the long term outlook for this pair is bullish. I wouldn't be looking for any short opportunities other than pullbacks or a break below the Kumo and the 50% fib retracement level. Have a great trading day and God bless!
Breaking and closing above the 23.6 retracement level also would be consistent with a Kumo break of the Ichimoku Cloud therefore turning the bias of the pair a bullish. All other Ichimoku signals are bullish on the 4 hour time frame with the Kumo future bullish and the Tenkan is above the Kijun signaling a bullish market and finally the Chikou Span is above price but still below the Kumo where there is resistance for the Chikou to break the cloud and finding free range to the resistance level @ 1.33957. The resistance at 1.33957 is our main focus at this time but breaking this level could push us up to 1.34502 and an attempt further so the long term outlook for this pair is bullish. I wouldn't be looking for any short opportunities other than pullbacks or a break below the Kumo and the 50% fib retracement level. Have a great trading day and God bless!