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

EURUSD is trading around 1.0550-1.0530 without any clear direction in the near term, as price continues moving sideways. Over the past 9 sessions EURUSD has made no real progress. Bulls tried to start a reversal but price got rejected at the tenkan-sen (red line indicator) resistance.

EURUSD in the Daily chart is clearly in a bearish trend according to the Ichimoku cloud indicator. Price is well below the cloud. The tenkan-sen and kijun-sen (yellow line indicator) are negatively sloped and above price. The Chikou span (black line indicator) is below the current candlestick pattern. As long as price is below 1.0560, short-term trend will remain bearish. The last attempt by bulls to reverse trend was followed by a rejection at 1.0642. So surpassing this level will increase dramatically the chances for a reversal.