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Ichimoku Indicator

09.03.202316:06 Forex Analysis & Reviews: Ichimoku cloud indicator analysis on EURUSD for March 9th, 2023.

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EURUSD is trading around 1.0570, off the recent low of 1.0525. According to the Ichimoku cloud indicator in the Daily chart trend has turned bearish as price has broken below the Daily Kumo (cloud). In the 4 hour chart as we showed in previous posts, trend is also bearish as price is below the Kumo also. Usually when price breaks above or below the cloud a back test is followed. This is not necessary to see but also very common. The tenkan-sen (red line indicator) is at 1.0610 where we also find the lower cloud boundary. So a bounce towards that level is very likely. With the US Non-Farm Payrolls announced tomorrow, we expect a rise in volatility at the last trading day of the week. A break above 1.0610 could help bulls push price higher towards the upper cloud boundary at 1.0780 where we also find the kijun-sen (yellow line indicator). A rejection between 1.06-1.07 will be a bearish sign.

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