FX.co ★ Ichimoku cloud indicator analysis of EURUSD for August 16, 2021.

EURUSD is trading around 1.1780, slightly lower from where it ended last week. After last week's bounce, price has given hopes to bulls for a bigger bounce higher. Today we use the Ichimoku cloud indicator to identify potential upside targets and key support levels.

EURUSD remains in a bearish trend in the Daily chart according to the Ichimoku cloud indicator. Price is below the Kumo (cloud) and also below both the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). The Chikou span (black line indicator) is below the candlestick pattern. Price is challenging the tenkan-sen and kijun-sen indicators. These two indicators provide an important resistance at 1.18-1.1810. A daily close above this resistance will open the way for a bigger bounce towards the cloud at 1.19. As long as price is below the Kumo, we remain bearish.