FX.co ★ Ichimoku cloud indicator analysis on EURUSD for March 10, 2022.

EURUSD made a high at 1.1121 but is now trading below 1.10. Price reached the Ichimoku cloud resistance in the 4 hour chart and got rejected. Price remains in a short-term bearish trend. Bulls will need to push price above the cloud in order to reclaim control of the trend.

EURUSD as shown above, is below the Kumo. This is bearish. Price was unable to break above or inside the cloud. The rejection is a sign of weakness. Resistance by the cloud is at 1.1030 to 1.1125. As long as price is below this area, EURUSD will be vulnerable to a move lower. Support by the kijun-sen (yellow line indicator) is at 1.0965. Holding above this support level is key for the short-term hopes of bulls.