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Ichimoku Indicator

12.04.202118:00 Forex Analysis & Reviews: Ichimoku cloud indicator analysis of EURUSD for April 12, 2021

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EURUSD is trading at 1.1908. We use today the Ichimoku cloud indicator to identify key support and resistance levels and the overall trend of the pair. So far price remains below the cloud resistance thus having a bearish trend. However recently we got some bullish signs that we mentioned in previous posts justifying a bounce in prices after reaching our 1.17 target area.

EURUSD has broken above the tenkan-sen (red line indicator) and has reached as expected the kijun-sen (yellow line indicator). Price is now above the kijun-sen and has potential to reach the lower cloud boundary at 1.20-1.2050. Support is found at 1.1845-1.1815 area. As long as price is above this area, we expect the bounce to continue higher. Breaking above the cloud would be a strong bullish signal. If the tenkan-sen (Red line indicator) crosses above the kijun-sen (yellow line indicator) we will have a weak buy signal. Bulls look like they are taking control of the short-term trend.

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