Ichimoku cloud indicator analysis of EURUSD

EURUSD is making new lows. Trend remains bearish in the 4 hour chart as price remains below the Kumo (cloud) and both the tenkan-sen and kijun-sen indicators. Price is approaching our short-term pull back target of 1.2050 where we find the 38% Fibonacci retracement level.

Resistance by the tenkan-sen (red line indicator) is at 1.2166. Resistance by the kijun-sen (yellow line indicator) is at 1.22. Support is at the 38% Fibonacci retracement level at 1.2050-1.2060. We continue to be bearish after the cloud break down at 1.2220.