Ichimoku cloud indicator analysis on EURUSD for October 19th, 2023.
October 19, 2023 2:25 pm
EURUSD is trading around 1.0570. In Ichimoku cloud terms trend is bearish in the Daily chart as price is still below the Daily Kumo (cloud). Price is challenging the tenkan-sen (red line indicator) resistance at 1.0570 and the kijun-sen (yellow line indicator) at 1.06. If bulls manage to push price above the kijun-sen then we will get our first sign of strength and possible short-term reversal signal. Price will then most probably continue higher towards the cloud resistance around 1.0767. The Chikou span (black line indicator) remains below the candlestick pattern (bearish). Price has formed a higher low at 1.0496. Bulls need to recapture 1.06 in order to hope for a bigger bounce. On the contrary bears want to see price get rejected at 1.06 and turn lower towards 1.05 support.
The material has been provided by InstaForex Company – www.instaforex.com
EURUSD is trading around 1.0570. In Ichimoku cloud terms trend is bearish in the Daily chart as price is still below the Daily Kumo (cloud). Price is challenging the tenkan-sen (red line indicator) resistance at 1.0570 and the kijun-sen (yellow line indicator) at 1.06. If bulls manage to push price above the kijun-sen then we will get our first sign of strength and possible short-term reversal signal. Price will then most probably continue higher towards the cloud resistance around 1.0767. The Chikou span (black line indicator) remains below the candlestick pattern (bearish). Price has formed a higher low at 1.0496. Bulls need to recapture 1.06 in order to hope for a bigger bounce. On the contrary bears want to see price get rejected at 1.06 and turn lower towards 1.05 support.
The material has been provided by InstaForex Company – www.instaforex.com
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