21.04.202316:06 Forex Analysis & Reviews: Ichimoku cloud indicator analysis on EURUSD for April 21st, 2023.

EURUSD is trading around 1.0960. Price remains inside the 4 hour Kumo (cloud). Trend is neutral according to the Ichimoku cloud indicator. However the recent rejection at the upper cloud boundary of 1.0993 is a sign of weakness. This price behavior increases the chances of a break down and a new bearish signal. A 4 hour candlestick close below 1.0955 will be a new bearish signal. This is key short-term support. The Chikou span (black line indicator) is below the candlestick pattern (bearish). The tenkan-sen (red line indicator) is above the current price at 1.0964, while the kijun-sen (yellow line indicator) is at 1.0955 increasing the importance of this support level. Traders need to remain patient and cautious. Most probable outcome is to see price move lower and stay below the cloud. Resistance at 1.0990-1.10 remains key for the short-term trend. A break above the 1.10 level will open the way for a move towards 1.12-1.13.