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Ichimoku Indicator

12.08.202216:55 Forex Analysis & Reviews: Ichimoku cloud indicator analysis on EURUSD for August 12th, 2022.

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EURUSD is trading around 1.0245. The fx pair is in red territory today challenging the short-term support by the tenkan-sen (red line indicator). As we mentioned in our previous analysis on EURUSD, trend in the Daily chart remains bearish according to the Ichimoku cloud indicator because price remains below the Kumo (cloud). There are some signs of strength but no reversal confirmation. The tenkan-sen is short-term support. The kijun-sen (yellow line indicator) at 1.0160 remains the most important short-term support by the Ichimoku cloud indicator system. Our view remains the same, as long as price is below the cloud, the bounce is considered only as a counter trend move.

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