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Ichimoku Indicator

07.04.202017:19 Forex Analysis & Reviews: Short-term Ichimoku cloud indicator analysis of EURUSD

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EURUSD has reached our 1.0905 target after breaking above 1.0810 as we expected from our latest analysis. Price is now challenging important short-term cloud support. It is important to hold price above 1.09 otherwise the risk of a rejection will be high.

EURUSD broke above the tenkan-sen (red line indicator) and has reached our cloud resistance and target at 1.09. Price is now turning back down, so it is important to see the next couple of candles if we have a rejection or a confirmation of trend change. Price moving inside the cloud is a good sign, but bulls want the tenkan-sen (Red line indicator) to cross above the kijun-sen (green line indicator) and price to break above the Kumo (cloud). The Chikou span (black line indicator) is below the candlestick pattern. Bulls want to see the Chikou span break above the candlesticks. Until then we consider this entire upward move just a counter trend bounce.

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