Ichimoku cloud indicator analysis on EURUSD for August 1st, 2023.
August 1, 2023 2:22 pm
EURUSD is trading around 1.0957. In Ichimoku cloud terms we have a mixed picture. The Daily chart remains bullish as price is still above the Kumo (cloud). Despite being bullish, we have some warning signs for traders. Price has broken below the tenkan-sen (Red line indicator) and the kijun-sen (yellow line indicator). This break down is a sign of weakness. EURUSD is vulnerable to a move towards the cloud at 1.0866. In the near term, the Ichimoku cloud indicator is in a bearish trend. The Chikou span (black line indicator) remains above the candlestick pattern (bullish) but is challenging key support now at 1.09. A deep pull back is under way. A break below 1.09 suggests that more weakness should be expected.
The material has been provided by InstaForex Company – www.instaforex.com
EURUSD is trading around 1.0957. In Ichimoku cloud terms we have a mixed picture. The Daily chart remains bullish as price is still above the Kumo (cloud). Despite being bullish, we have some warning signs for traders. Price has broken below the tenkan-sen (Red line indicator) and the kijun-sen (yellow line indicator). This break down is a sign of weakness. EURUSD is vulnerable to a move towards the cloud at 1.0866. In the near term, the Ichimoku cloud indicator is in a bearish trend. The Chikou span (black line indicator) remains above the candlestick pattern (bullish) but is challenging key support now at 1.09. A deep pull back is under way. A break below 1.09 suggests that more weakness should be expected.
The material has been provided by InstaForex Company – www.instaforex.com
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