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Ichimoku Indicator

28.10.202023:53 Forex Analysis & Reviews: Ichimoku cloud indicator Daily analysis of EURUSD

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EURUSD is trading inside the Daily Kumo (cloud) turning trend to neutral despite the short-term move above it. Price remains vulnerable to a bigger pull back as price has broken below 1.1780 and is challenging major support area at 1.17.

Price has got rejected at the upper cloud boundary resistance. Having broken below the tenkan-sen (red line indicator), trend is neutral as price holds above the kijun-sen (yellow line indicator) support at 1.1745. Breaking below the kijun-sen will open the way for a move lower towards the lower cloud boundary at 1.1655-1.1690 area. Bulls will need to defend this area. At 1.17-1.1690 we also find horizontal support by the low made on October 15th. Bulls will need to defend this.

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