Ichimoku cloud indicator analysis on EURUSD for September 18th, 2023.
September 18, 2023 1:26 pm
EURUSD is trading around 1.0667. In Ichimoku cloud terms, Daily trend is bearish as price is well below the Kumo (cloud). Price has reached the major previous low from May 31st. This is important horizontal support. Price is currently bouncing off this support level. The Chikou span (black line indicator) remains below the candlestick pattern (bearish). The tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator) provide resistance at 1.07 and 1.0796 respectively. In the near term EURUSD is oversold and a bounce towards these two resistance levels is justified and very probable. Bears remain in control of the trend. So far there is no sign of a reversal.
The material has been provided by InstaForex Company – www.instaforex.com
EURUSD is trading around 1.0667. In Ichimoku cloud terms, Daily trend is bearish as price is well below the Kumo (cloud). Price has reached the major previous low from May 31st. This is important horizontal support. Price is currently bouncing off this support level. The Chikou span (black line indicator) remains below the candlestick pattern (bearish). The tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator) provide resistance at 1.07 and 1.0796 respectively. In the near term EURUSD is oversold and a bounce towards these two resistance levels is justified and very probable. Bears remain in control of the trend. So far there is no sign of a reversal.
The material has been provided by InstaForex Company – www.instaforex.com
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