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Ichimoku Indicator

27.02.202323:31 Forex Analysis & Reviews: Ichimoku cloud indicator analysis on EURUSD for February 27th, 2023.

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EURUSD is trading around 1.06 in a bearish trend according to the 4 hour chart using the Ichimoku cloud indicator. Price remains below the 4 hour Kumo (cloud). There are some signs that point to a bigger bounce but bears remain in control of the short-term trend. EURUSD is trading above the tenkan-sen (red line indicator). The tenkan-sen provides support at 1.0577. Short-term resistance is at 1.0616 where we find the kijun-sen (yellow line indicator). The Kumo (cloud) resistance is at 1.0660-1.0670. A break above the kijun-sen will most probably push price towards the cloud resistance. The Chikou span (black line indicator) is below the candlestick pattern confirming bearish trend. The tenkan-sen remains below the kijun-sen also another bearish sign. So far recent price action only points to a bounce towards 1.0670, we can not tell yet if this is a major low in place and a bigger reversal into play.

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