FX.co ★ Ichimoku cloud indicator analysis on EURUSD for January 12th, 2023.

According to the Ichimoku cloud indicator EURUSD is still in a bullish trend as price continues to trade above the Daily Kumo (cloud). The cloud support is at 1.04. We use the Ichimoku cloud indicator to identify key support levels that will warn us of a possible trend reversal. Price is currently above both the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). Support by these two indicators is at 1.0630. A break below this level would be the first sign of weakness that would imply a pull back towards the cloud is possible. The Chikou span (black line indicator) is above the candlestick pattern and as long as it stays above 1.0565 it will remain bullish. According to the Ichimoku cloud indicator so far we have no reversal signal.