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Ichimoku Indicator

07.03.202315:21 Forex Analysis & Reviews: Ichimoku cloud indicator analysis on EURUSD for March 7th, 2023.

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EURUSD is trading 1.0666. According to the Ichimoku cloud indicator in the 4 hour chart trend is bullish as price is above the Kumo (cloud). Price is testing the tenkan-sen (red line indicator). This is the first support at 1.0658. A break below this level will increase chances of another back test of the Kumo (cloud). At 1.0636 we find support by the kijun-sen (yellow line indicator) and at 1.0620 we find support by the cloud. The Chikou span (black line indicator) is above the candlestick pattern but below the cloud. A price move to new highs above 1.0695 would be a new bullish signal that would give strength to the bullish momentum. Bulls do not want to see price break below the Kumo.

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