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Ichimoku Indicator

13.05.202215:11 Forex Analysis & Reviews: Ichimoku cloud indicator analysis on EURUSD for May 13, 2022.

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EURUSD remains in a bearish trend. Price continues making lower lows and lower highs as price is still below the cloud. In Ichimoku cloud terms, trend remains bearish with no sign of a reversal.

Red line - support (broken)

We use the Ichimoku cloud indicator to identify trend on a daily basis and the key resistance levels. First important short-term resistance level is at 1.0498 where we find the tenkan-sen (red line indicator). Bulls will need at least to break above this level in order to get the first sign of a possible reversal. Until then any upward bounce is considered as a short-term relief to the bearish trend. Next upside target and key resistance is at 1.0645 where we find the kijun-sen (yellow line indicator). If price breaks above this indicator, then we should expect EURUSD to move higher towards the Kumo (cloud).

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