FX.co ★ Ichimoku cloud indicator analysis on EURUSD for July 8th, 2022.

EURUSD is trading around 1.0120. Price moved higher at the beginning of the Friday session and reached as high as 1.070. Trend remains dominated by bears as price is again near the weekly lows. We use the Ichimoku cloud indicator to identify key resistance levels. For some time now EURUSD seems unable to push above the tenkan-sen (red line indicator). The tenkan-sen is now at 1.0147 and as long as there is no 4 hour candlestick close above it, we remain short-term bearish. If bulls manage to push above it, then we could see a bigger bounce towards the kijun-sen (yellow line indicator) at 1.0267. In the 4 hour chart the Ichimoku cloud indicator confirms that bears are in control of the trend and so far there is no sign of a reversal or even a short-term bounce.