Ichimoku cloud indicator analysis on EURUSD for October 26th, 2023.
October 26, 2023 1:35 pm
For a third day in a row EURUSD is under pressure. Price has broken below the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). Trend remains bearish and price vulnerable to a deeper decline. Bulls made an attempt to push price above the tenkan-sen and kijun-sen indicators but failed to defend 1.06-1.0590. What was once resistance became support and now back resistance. The Chikou span (black line indicator) got rejected at the candlestick pattern and remains below it (bearish). The initial signs of strength never lead to a reversal confirmation. Bears remain in control of the trend as price is still below the Kumo. Bulls need to recapture 1.06 in order to hope for a bigger bounce.
The material has been provided by InstaForex Company – www.instaforex.com
For a third day in a row EURUSD is under pressure. Price has broken below the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). Trend remains bearish and price vulnerable to a deeper decline. Bulls made an attempt to push price above the tenkan-sen and kijun-sen indicators but failed to defend 1.06-1.0590. What was once resistance became support and now back resistance. The Chikou span (black line indicator) got rejected at the candlestick pattern and remains below it (bearish). The initial signs of strength never lead to a reversal confirmation. Bears remain in control of the trend as price is still below the Kumo. Bulls need to recapture 1.06 in order to hope for a bigger bounce.
The material has been provided by InstaForex Company – www.instaforex.com
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