Ichimoku cloud indicator analysis on EURUSD for August 30th, 2023.
August 30, 2023 4:23 pm
Two days ago in our analysis on EURUSD we warned that a bounce towards the lower cloud boundary as a back test was probable and justified. We mentioned that a break above 1.0855 could lead to a bigger bounce towards 1.0955. Today price reached as high as 1.0945. Price has broken above the tenkan-sen (red line indicator) yesterday and today is challenging the kijun-sen (yellow line indicator) and the lower cloud boundary. The Chikou span (black line indicator) remains below the candlestick pattern (bearish). Trend in the daily chart according to the Ichimoku cloud indicator remains bearish as price is still below the Kumo (cloud). EURUSD is now approaching very important resistance levels. Traders need to pay close attention as a rejection is still very possible.Bulls want to see price enter and close above 1.0955 in order to change trend to neutral.
The material has been provided by InstaForex Company – www.instaforex.com
Two days ago in our analysis on EURUSD we warned that a bounce towards the lower cloud boundary as a back test was probable and justified. We mentioned that a break above 1.0855 could lead to a bigger bounce towards 1.0955. Today price reached as high as 1.0945. Price has broken above the tenkan-sen (red line indicator) yesterday and today is challenging the kijun-sen (yellow line indicator) and the lower cloud boundary. The Chikou span (black line indicator) remains below the candlestick pattern (bearish). Trend in the daily chart according to the Ichimoku cloud indicator remains bearish as price is still below the Kumo (cloud). EURUSD is now approaching very important resistance levels. Traders need to pay close attention as a rejection is still very possible.Bulls want to see price enter and close above 1.0955 in order to change trend to neutral.
The material has been provided by InstaForex Company – www.instaforex.com
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