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Ichimoku Indicator

31.05.202314:03 Forex Analysis & Reviews: Ichimoku cloud indicator analysis on EURUSD for May 31st, 2023.

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EURUSD remains in a bearish trend according to the Ichimoku cloud indicator since May 8th when price closed below the Kumo (cloud) at 1.10. The short-term trend remains bearish as price is still below the Kumo. Both thenkan-sen (Red line indicator) and the kijun-sen (yellow line indicator) are above the current price of 1.0681 and with a negative slope. Both indicators provide resistance at 1.07-1.0710. In order for the short-term trend to change trend we will need to see price break out above the Kumo (cloud) at 1.08. The Chikou span (black line indicator) is still below the candlestick pattern confirming bearish trend. Bears remain in control of the trend.

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