Ichimouku Indicator Places Euro at $1.40

Technical analysts point to Ichimoku cloud analysis suggesting that the euro could reach $1.40 if it manages to break current resistance levels.

“The top of the cloud and the conversion line are current resistance,” said Toshiya Yamauchi, a senior currency analyst in Tokyo at Ueda Harlow. “Once the euro breaks these lines and rebounds to the base line, it will try higher.” The base line stands at $1.3865.

Source: Bloomberg

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