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Ichimoku Indicator

24.11.202216:05 Forex Analysis & Reviews: Ichimoku cloud indicator analysis on EURUSD for November 24th, 2022.

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EURUSD has provided a new bullish signal as price has broken above the cloud and the tenkan-sen (red line indicator) has crossed above the kijun-sen (yellow line indicator). A pull back towards the Kumo is justified as a back test. The cloud support is at 1.0366 where we also find the tenkan-sen support (1.0373). The Chikou span has also broken above the candlestick pattern (bullish). The Ichimoku cloud indicator suggests that trend is again bullish in the 4 hour chart. Over the next couple of days we might see price pull back and test the upper cloud boundary. As long as it trades above it, we remain optimistic that EURUSD could form new highs towards 1.06 where we find the 38% Fibonacci retracement of the entire decline from 1.2265.

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