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Ichimoku Indicator

16.08.202216:47 Forex Analysis & Reviews: Ichimoku cloud indicator analysis on EURUSD for August 16th, 2022.

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EURUSD is trading right now around 1.0190. Earlier today price broke below the kijun-sen (yellow line indicator) support but bulls have stepped in and are pushing price higher. Price is testing the major Ichimoku cloud support (kijun-sen). So far bulls seem to be strong enough to respect this support level at 1.0160. We mentioned the importance of this support level in our last EURUSD analysis yesterday. Holding above the kijun-sen is key for the short-term trend. Resistance by the tenkan-sen (red line indicator) is at 1.0245. As long as price is below the Kumo (cloud) EURUSD is vulnerable to more downside.

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