Ichimoku Cloud Analysis 03.02.2021 (ETHUSD, USDCAD, EURUSD)

Article By RoboForex.com

ETHUSD, “Ethereum vs US Dollar”

ETHUSD is trading at 1547.48; the instrument is moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test Tenkan-Sen and Kijun-Sen at 1470.25 and then resume moving upwards to reach 1765.00. Another signal in favor of a further uptrend is a rebound from the upside border of the Triangle pattern. However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 1225.00. In this case, the pair may continue falling towards 1125.00.

USDCAD, “US Dollar vs Canadian Dollar”

USDCAD is trading at 1.2786; the instrument is moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test the cloud’s upside border at 1.2765 and then resume moving upwards to reach 1.2945. Another signal in favor of a further uptrend will be a rebound from the downside border of a Triangle pattern. However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 1.2675. In this case, the pair may continue falling towards 1.2565. To confirm further growth, the asset must break the pattern’s upside border and fix above 1.2875.

EURUSD, “Euro vs US Dollar”

EURUSD is trading at 1.2041; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test the cloud’s downside border at 1.2055 and then resume moving downwards to reach 1.1945. Another signal in favor of a further downtrend will be a rebound from the descending channel’s upside border. However, the bearish scenario may be canceled if the price breaks the cloud’s upside border and fixes above 1.2115. In this case, the pair may continue growing towards 1.2205.

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.