For Traders

Analytical Reviews

Ichimoku Indicator

06.06.202215:53 Forex Analysis & Reviews: Ichimoku cloud indicator analysis on EURUSD for June 6, 2022.

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

EURUSD is trading around 1.0708. On a daily basis price remains below the Kumo and thus trend remains bearish. Any upside has so far been met by resistance. Today's candlestick shows another attempt to reach the cloud but the price reversal implies that another rejection is under way.

So far price continues to respect the tenkan-sen (red line indicator) and continues trading above it. Failure to hold above the tenkan-sen will most probably lead to a decline towards the kijun-sen (yellow line indicator) at 1.0568. This is the next support level. With every rejection, I get an increased chance of a downward reversal. Bulls need to push price inside the Kumo and eventually above it. Until then it remains in a bearish mode.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.