EURUSD H4 Technical chart 16 Dec 2010

This time I’m analyzing technical chart of EURUSD on H4 time frame using Doda-Donchian and Ichimoku indicators.

As it is clearly seen in the chart, that price did not cross Kumo and faces strong resistance there, whether it is crossing above kumo or below kumo. That’s why we’re seen range-bound movement of EURUSD in last few days. This time it’s trying to cross below kumo. It’s downtrend will start if it CLOSES below kumo, which is it’s support 1 as on Dec 16 2010.