FX.co ★ Ichimoku cloud indicator analysis on EURUSD for May 18, 2022.

EURUSD is trading around 1.0520. According to the Ichimoku cloud indicator trend remains bearish as price has not broken above the cloud resistance in the 4 hour chart. Price remains vulnerable to a move lower. If price gets rejected at cloud resistance, then we should expect EURUSD to fall towards 1.05 and 1.0460.

Price is above the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). Price is trying to push above the cloud. The cloud resistance is very important here. Bulls do not want to see price get rejected at the Kumo (cloud). The Chikou span (black line indicator) remains below the candlestick pattern, thus in bearish mode. Concluding, trend remains bearish with no sign of a reversal yet. Bulls need to continue trading above 1.0460 (kijun-sen) in order to hope for a move higher above the cloud.