Further Upside Indicated by Ichimoku

FX:EURUSD   Euro / U.S. Dollar
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The Weekly Ichimoku is looking constructiveand price bounced off the Yearly pivot point
yesterday and pierced through the monthly pivot point without any resistance. Currently
testing the horizontal resistance and Weekly equilibrium line (white line). With a bullish
MACD crossing a few weeks back, we may see further upside. As the monthly trend is bearish
this may be a correction, but even so it may be deep and might challenge the 1,16 top going
forward. Alot of talk about USD strengthening ahead along with dovish ECB, have many traders
selling this bounce. With lowered rate hike expectations from the US, a short squeeze may play out.
First upward target from here is 1,1330, Monthly R1. If breached as Ichimoku indicator warns of,
next target is the 1,1450-1,15 level, were 1,1450 is a horizontal resistance level , marking the
range top of this 1,5 year consolidation.
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