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Ichimoku Indicator

09.04.202015:21 Forex Analysis & Reviews: Short-term Ichimoku cloud indicator analysis of EURUSD

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EURUSD bulls have managed to recapture 1.09 and are now challenging important short-term cloud resistance. We have a weak bullish signal by the crossing of the tenkan-sen above the kijun-sen but bulls need to show more signs of strength.

Price is above the tenkan-sen and the kijun-sen. The Chikou span (black line indicator) has broken above the candlesticks and is challenging cloud resistance as is the current candlestick. Support is at recent lows at 1.0850. EURUSD has formed a higher low and since then it is making new higher highs. This is another bullish sign. As long as price is above 1.0850 bulls will have the momentum and the higher chances of retaking control of the trend. If 1.0850 fails to hold, I expect EURUSD to break downwards below 1.0760.

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