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Ichimoku Indicator

04.08.202022:43 Forex Analysis & Reviews: Ichimoku cloud indicator analysis of EURUSD

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EURUSD has held above cloud support and is now bouncing higher. Price is now challenging the kijun-sen indicator which is resistance at 1.18. Recapturing this price level is key for the upward continuation of the trend.

Price is still above the Kumo (cloud). This is key for short-term bullish trend. Price is above the tenkan-sen (red line indicator). Chikou span (blue line indicator) is above the candlestick pattern. Both these signs are good for the bullish scenario. Price is now challenging the kijun-sen (yellow line indicator). Breaking above it will complete all checks for bullish confirmation. If price continues to make new higher highs and higher lows we expect to see a move towards 1.21 over the next couple of weeks. 1.17 remains short-term key support.

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