FX.co ★ Ichimoku cloud indicator analysis on EURUSD for June 1, 2022.

EURUSD is trading below the Daily Kumo and there are signs of a rejection and downward reversal. Price has made a high around 1.0787 two days ago, but a pull back is under way as bulls find it difficult to penetrate the cloud.

Trend is bearish as price is below the cloud. Support by the tenkan-sen (Red line indicator) is at 1.0660 and by the kijun-sen (yellow line indicator) at 1.0570. Bulls need to defend these two levels. Resistance that bulls must break is at 1.079-1.08, in order for the upward movement to continue, The Chikou span (black line indicator) is below the candlestick pattern. Concluding, EURUSD remains vulnerable to more downside as price remains below the Kumo (cloud). Price is now challenging key short-term resistance levels.