FX.co ★ Ichimoku cloud indicator analysis on EURUSD for January 31st, 2023.

EURUSD is now trading around 1.0850-1.0860. In the 4 hour chart EURUSD has entered the Kumo (cloud). Price has briefly broken below the cloud but all closing candles keep price inside the Kumo. According to the Ichimoku cloud indicator trend is neutral. Price is bouncing higher towards the kijun-sen (yellow line indicator) and the tenkan-sen (red line indicator). Resistance is at 1.0860-1.0870. Support by the cloud is at 1.0845. Today's low at 1.0829 is also very important. Short-term reversal will be confirmed on a break below today's low of 1.0829. Price has started forming lower lows and lower highs. There are increased chances of a bigger reversal.