Ichimoku cloud indicator analysis on EURUSD for August 29th, 2023.
August 29, 2023 1:24 pm
EURUSD is trading around 1.0810. In the 4 hour chart price remains in a bearish trend according to the Ichimoku cloud indicator as it trades below the Kumo (cloud). Price is currently showing a new sign of weakness as it is breaking below the tenkan-sen (red line indicator). Price has resistance by the tenkan-sen at 1.0819 and by the kijun-sen (yellow line indicator) at 1.0821. Technically trend remains bearish as EURUSD continues forming lower lows and lower highs. The chikou span (black line indicator) remains below the candlestick pattern (bearish). Failure to stay above 1.0820 will open the way for new lows towards 1.07.
The material has been provided by InstaForex Company – www.instaforex.com
EURUSD is trading around 1.0810. In the 4 hour chart price remains in a bearish trend according to the Ichimoku cloud indicator as it trades below the Kumo (cloud). Price is currently showing a new sign of weakness as it is breaking below the tenkan-sen (red line indicator). Price has resistance by the tenkan-sen at 1.0819 and by the kijun-sen (yellow line indicator) at 1.0821. Technically trend remains bearish as EURUSD continues forming lower lows and lower highs. The chikou span (black line indicator) remains below the candlestick pattern (bearish). Failure to stay above 1.0820 will open the way for new lows towards 1.07.
The material has been provided by InstaForex Company – www.instaforex.com
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