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Ichimoku cloud indicator analysis on EURUSD for October 16th, 2023.
October 16, 2023 12:23 pmVideo
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EURUSD is trading around 1.0533. According to the Ichimoku cloud indicator the Daily chart remains bearish as price is still below the Kumo (cloud). Price got rejected at the kijun-sen (yellow line indicator) resistance. Price is trading below the tenkan-sen (red line indicator). The last bounce in price found strong resistance at 1.0610. The Chikou span (black line indicator) is below the candlestick pattern (bearish). If bulls form a higher low and break above the kijun-sen resistance at 1.0610, then we should expect EURUSD to challenge the Kumo (cloud) resistance at 1.0780-1.08. Until then price remains vulnerable to more downside.
The material has been provided by InstaForex Company – www.instaforex.com
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