FX.co ★ Ichimoku cloud indicator analysis on EURUSD for May 11, 2022.

EURUSD remains in a bearish trend. Price bounced towards key short-term resistance at 1.0570 but price got rejected and is now trading around 1.0520. In Ichimoku cloud terms in the 4 hour chart, bears remain in control of the trend as price is still below the cloud (Kumo).

At the current candlestick price got rejected at the cloud resistance. The announcement of the US CPI figures have strengthened the Dollar against most pairs and EURUSD was not the exception. Expectations for more rate hikes put pressure on EURUSD. Technically bulls need to push price above 1.0660 in order to give a short-term reversal signal. Until then bears are in control.