Ichimoku cloud indicator analysis on EURUSD for May 12th, 2023.
May 12, 2023 1:23 pm
EURUSD is trading below 1.09. In Ichimoku cloud terms trend remains bullish but we warned several times that price was showing reversal signs and was vulnerable to a pull back. Our pull back target on a daily basis remains the Ichimoku cloud at 1.08. Near term trend is bearish (4 hour chart price is below the Kumo). In previous posts for the Daily chart we warned that a price break below 1.0965 would be a sign of weakness and of further selling pressures to come. The Chikou span (black line indicator) is trading below the candlestick pattern now (bearish). EURUSD remains under pressure today again making new lower lows relative to the last three weeks. Key support according to the Ichimoku cloud indicator is at 1.08.
The material has been provided by InstaForex Company – www.instaforex.com
EURUSD is trading below 1.09. In Ichimoku cloud terms trend remains bullish but we warned several times that price was showing reversal signs and was vulnerable to a pull back. Our pull back target on a daily basis remains the Ichimoku cloud at 1.08. Near term trend is bearish (4 hour chart price is below the Kumo). In previous posts for the Daily chart we warned that a price break below 1.0965 would be a sign of weakness and of further selling pressures to come. The Chikou span (black line indicator) is trading below the candlestick pattern now (bearish). EURUSD remains under pressure today again making new lower lows relative to the last three weeks. Key support according to the Ichimoku cloud indicator is at 1.08.
The material has been provided by InstaForex Company – www.instaforex.com
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