07.10.202118:44 Forex Analysis & Reviews: Ichimoku cloud indicator analysis on EURUSD for October 7, 2021.

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

EURUSD remains in a bearish trend both technically and according to the Ichimoku cloud indicator. Price is below the Kumo in the 4 hour chart and Daily chart. Price continues making lower lows and lower highs.

The tenkan-sen (red line indicator) is our short-term resistance and is found at 1.1560. For a sign of strength, bulls need at least a 4 hour candlestick close above 1.1560. The next resistance is at 1.1585 as we see by the kijun-sen (yellow line indicator). Both indicators are negatively sloped and the tenkan-sen below the kijun-sen. This confirms that bears remain in control of the short-term trend. There is no sign of a reversal. For a trend change in the 4 hour chart bulls will need to push price above the cloud.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.