Ichimoku cloud indicator analysis on EURUSD for October 6th, 2023.
October 6, 2023 1:23 pm
EURUSD is trading around 1.0509. Earlier today price was trading as high as 1.0568 where we find the lower cloud boundary resistance. Price remains below the 4hour Kumo (cloud). According to the Ichimoku cloud indicator trend remains bearish. Price is showing rejection signs at the cloud resistance. Not only price got rejected, but it is also trading below the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). The Chikou span (black line indicator) remains below the candlestick pattern (bearish). Despite the two day bounce, bears are here and still in control of the trend. Recent price action has confirmed the importance of the 1.0570 resistance level. As long as we trade below this level, bears will remain in control of the trend.
The material has been provided by InstaForex Company – www.instaforex.com
EURUSD is trading around 1.0509. Earlier today price was trading as high as 1.0568 where we find the lower cloud boundary resistance. Price remains below the 4hour Kumo (cloud). According to the Ichimoku cloud indicator trend remains bearish. Price is showing rejection signs at the cloud resistance. Not only price got rejected, but it is also trading below the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). The Chikou span (black line indicator) remains below the candlestick pattern (bearish). Despite the two day bounce, bears are here and still in control of the trend. Recent price action has confirmed the importance of the 1.0570 resistance level. As long as we trade below this level, bears will remain in control of the trend.
The material has been provided by InstaForex Company – www.instaforex.com
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