Ichimoku cloud indicator analysis on EURUSD for August 11th, 2023.
August 11, 2023 2:25 pm
EURUSD is in a bearish short-term trend according to the Ichimoku cloud indicator in the 4 hour chart. Price has already provided us with a 4 hour candlestick below the Kumo (cloud). This is a bearish signal. Price is trading below the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). The tenkan-sen provides resistance at 1.1011 and the kijun-sen at 1.10. The Chikou span (black line indicator) is below the candlestick pattern (bearish). The recent break above the cloud was short-lived and looked more like a trap. For bulls to regain control of the trend we need to see price above 1.1030. Price is vulnerable to a move lower towards 1.09.
The material has been provided by InstaForex Company – www.instaforex.com
EURUSD is in a bearish short-term trend according to the Ichimoku cloud indicator in the 4 hour chart. Price has already provided us with a 4 hour candlestick below the Kumo (cloud). This is a bearish signal. Price is trading below the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). The tenkan-sen provides resistance at 1.1011 and the kijun-sen at 1.10. The Chikou span (black line indicator) is below the candlestick pattern (bearish). The recent break above the cloud was short-lived and looked more like a trap. For bulls to regain control of the trend we need to see price above 1.1030. Price is vulnerable to a move lower towards 1.09.
The material has been provided by InstaForex Company – www.instaforex.com
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