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Ichimoku Indicator

06.12.202216:25 Forex Analysis & Reviews: Ichimoku cloud indicator analysis on EURUSD for December 6th, 2022.

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EURUSD is trading around 1.0512. Short-term trend is bullish according to the ichimoku cloud indicator in the 4 hour chart. Price is above the Kumo (cloud) and above the kijun-sen (yellow line indicator). Price has broken below the tenkan-sen (red line indicator). This is a sign of vulnerability but no trend change. The Chikou span (black line indicator) remains above the candlestick pattern (bullish). Support is found at 1.0443 and next at the upper cloud boundary at 1.0383. As long as price is above these two levels, bulls will remain in control of the trend. Resistance is at 1.0535.

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