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Forex Trade Signal July 22nd
EURUSD – Continues to Get Kumo Support
After making its 1st dip into the 4hr Kumo this month, the pair was given support by the kumo and pushed the pair back above it and the Kijun line. This sets up a potential upward Tenkan-Kijun cross which would be a bullish signal but this is in the face of the major resistance at 1.3000.
The last two attempts here failed but this makes sense considering the pair had a good run and the results of the European bank stress tests will be revealed tonight so not surprising it pulled back as traders pared positions going into this announcement.
Should the results go well for the banks and the pair sees the aforementioned cross, look for a 4hr close above the 1.3000 big figure. If the pair can close above it for the week, this opens up an attack to 1.3125 and 1.3250 which are the 38.2 and 50% fibs of the 09′ high to 10′ low and the 10′ high to the 10′ low.
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