FX.co ★ Ichimoku cloud indicator analysis on EURUSD for February 3rd, 2023.

EURUSD is under pressure. Price broke below the short-term support of 1.0890 and is now testing the key 1.08 support. According to the Ichimoku cloud indicator in the 4 hour chart, trend has changed to bearish. Bulls need to push price above the cloud once again in order to change trend to bullish. Currently resistance is at 1.0880-1.0850. The tenkan-sen (Red line indicator) is about to cross below the kijun-sen (yellow line indicator) which is an added sign of weakness. The Ichimoku cloud indicator has provided us with a reversal signal. On a daily basis we find support at 1.0760 and at 1.0565. At 1.0565 we find the Daily Kumo (cloud) and this is our most probable target area.