FX.co ★ Ichimoku cloud indicator analysis on EURUSD for December 7th, 2022.

EURUSD is trading around 1.0545. Price remains in a bullish short-term trend as price is still above the 4 hour Kumo (cloud). Price has made a pull back from the 1.0595 high, but now bulls are gaining momentum as price is breaking above key short-term resistance levels. The Chikou span (black line indicator) remains above the candlestick pattern (bullish). Price is breaking above the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). This is another sign of strength. If the tenkan-sen crosses above the kijun-sen, we will have a new stronger bullish signal. Key support remains at 1.04 where we find the Kumo (cloud). The tenkan-sen and kijun-sen are now support so bulls do not want to see price fall below 1.0495-1.05. Bulls remain in control of the trend. No reversal signs.