Avoid EURUSD | Technical Chart | 17-July-2012

Below is the technical chart of EURUSD with Ichimoku kinko Hyo indicator.

Altogh EURUSD is closed above Kijun-sen line and has given buy signal, but it’s better to avoid trading in this currency pair. The reason is clearly visible in the chart above. It will soon enter Kumo region – which is its high resistance area. Not only this, kumo region is also called no-trade zone.

On the downside, it can go upto 1.2244 – 1.2248. That’s its strong support.