Ichimoku cloud indicator analysis on EURUSD for June 16th, 2023.
June 16, 2023 2:22 pm
EURUSD is trading around 1.0949. In Ichimoku cloud terms trend is neutral, despite the very strong upward candlestick we saw yesterday. Price remains inside the Kumo (cloud) and is challenging the upper cloud boundary resistance. EURUSD has broken above the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). The tenkan-sen is very close to crossing above the kijun-sen. This will be a sign of strength. The Chikou span (black line indicator) is also very close to breaking above the candlestick pattern. But still this has not happened yet. Resistance at the upper cloud boundary is very important. Bulls need to be cautious of a potential rejection at current levels around 1.0950. A break above the cloud would be an important bullish sign.
The material has been provided by InstaForex Company – www.instaforex.com
EURUSD is trading around 1.0949. In Ichimoku cloud terms trend is neutral, despite the very strong upward candlestick we saw yesterday. Price remains inside the Kumo (cloud) and is challenging the upper cloud boundary resistance. EURUSD has broken above the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). The tenkan-sen is very close to crossing above the kijun-sen. This will be a sign of strength. The Chikou span (black line indicator) is also very close to breaking above the candlestick pattern. But still this has not happened yet. Resistance at the upper cloud boundary is very important. Bulls need to be cautious of a potential rejection at current levels around 1.0950. A break above the cloud would be an important bullish sign.
The material has been provided by InstaForex Company – www.instaforex.com
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