Weekly Ichimoku cloud analysis for EURUSD

EURUSD in Ichimoku cloud terms is in bearish Daily trend as price is below the Kumo (cloud). On a weekly basis price has moved below the key support indicator of kijun-sen and this implies more downside towards the weekly Kumo (cloud).

Price has broken below the kijun-sen (yellow line indicator) two weeks ago. Last week we saw a back test and also this week we saw price try and move above the indicator at 1.1975. This level is now resistance. The Chikou span (black line indicator) is above the candlestick pattern but very close. Support is found here at 1.19-1.1830. Breaking below this area will open the way for a move towards cloud support at 1.16.

On the Daily chart all indicators remain in bearish mode. Price is trying to move above the tenkan-sen (red line indicator) but the most important obstacle for bulls is to recapture the cloud at 1.2150. Until then bears have the upper hand.