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Ichimoku Indicator

08.06.202318:43 Forex Analysis & Reviews: Bullish reversal in EURUSD according to the Ichimoku cloud indicator.

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According to the Ichimoku cloud indicator in the 4 hour chart, EURUSD is now in a bullish trend. Price has broken out and above the Kumo (cloud) providing a bullish signal. Price is trading around 1.0785. Bulls of course should not get overconfident as a pull back to back test the cloud is always a possibility. The tenkan-sen (red line indicator) is very close to crossing above the kijun-sen (yellow line indicator). This would be an added bullish signal. Those two indicators provide support at 1.0728 where we also find the upper cloud boundary. Bulls do not want to see price break below this level. The Chikou span (black line indicator) is close to breaking above the candlestick pattern. If the Chikou span breaks above the cloud and remains above the candlestick pattern, then this would be another bullish signal. Cloud support is at 1.0728-1.0714. We are bullish as long as price is above this area.

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