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Ichimoku Indicator

05.06.202316:31 Forex Analysis & Reviews: Ichimoku cloud indicator analysis on EURUSD for June 5th, 2023.

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EURUSD remains in a bearish trend according to the Ichimoku cloud indicator. Price remains below the Kumo (cloud) making lower lows and lower highs. Price recently made a strong bounce towards 1.08 but bulls failed to break above the cloud. Price has pulled back since then and if we see the formation of a higher low, we should expect at least another try to break the cloud to the upside. The kijun-sen (yellow line indicator) provides short-term resistance at 1.0707 and the tenkan-sen (red line indicator) at 1.0727 where we also find the lower cloud boundary. In order to get a trend reversal signal according to the Ichimoku cloud indicator, bulls will need to push price above 1.0727. This will turn trend to neutral. In order for trend to change to bullish we will need to see a 4 hour candlestick close above the Kumo (cloud). A first step towards that direction would be for price to enter and stay inside the cloud. Until then bears remain in control.

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