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Ichimoku Indicator

09.06.202316:18 Forex Analysis & Reviews: Ichimoku cloud indicator analysis on EURUSD for June 9th, 2023.

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EURUSD is trading around 1.0767. According to the Ichimoku cloud in the 4 hour chart, short-term trend is bullish as price is trading above the cloud. The tenkan-sen (red line indicator) has crossed above the kijun-sen (yellow line indicator) and this is an added sign of strength. The Chikou span (black line indicator) is above the candlestick pattern (bullish) and is very close to breaking above the cloud also. Although the short-term trend has reversed according to the Ichimoku cloud indicator, bulls need to be cautious as we are very early still after the break out.

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