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

In our last analysis on EURUSD we noted that price was breaking out of the short-term bearish channel and there is potential for a move at least towards 1.02. EURUSD is trading now inside the 4 hour Kumo (cloud). This means that the short-term trend has changed from bearish to neutral. The tenkan-sen (Red line indicator) and the kijun-sen (yellow line indicator) are positively sloped and below current market price. Price has potential of moving higher towards the upper cloud boundary at 1.02-1.0244. Support is found at 1.0091 and 1.0050. As long as price is above these two support levels, bulls have hopes for a move towards 1.02 and higher.