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Ichimoku Indicator

27.05.202215:45 Forex Analysis & Reviews: Ichimoku cloud indicator analysis on EURUSD for May 27, 2022.

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EURUSD remains in a short-term bullish trend according to the Ichimoku cloud indicator. In the 4 hour chart price is not only above the Kumo (cloud), but also above both the tenkan-sen and kijun-sen indicators.

The Chikou span (black line indicator) is also above the candlestick pattern confirming that trend remains bullish. Price continues making higher highs and higher lows. Support by the tenkan-sen (red line indicator) is at 1.0715 and by the kijun-sen (yellow line indicator) at 1.0704. This is key short-term support. If price fails to hold above this level, we should expect EURUSD to move lower towards 1.06 or where the upper cloud boundary will be at the time.

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