FX.co ★ Ichimoku cloud indicator analysis on EURUSD for April 19th, 2023.

EURUSD is trading around 1.0960. Price has made no real progress relative to yesterday. Price is now challenging the Kumo (cloud) support. Price is trading above the tenkan-sen (red line indicator) but is also trading inside the Kumo. A 4 hour candlestick close inside the cloud will change trend to neutral from bullish. The Chikou span (black line indicator) is now trading below the candlestick pattern (bearish). The kijun-sen (yellow line indicator) provides resistance at 1.0993. A break below 1.0948 would be a new sign of weakness. If price breaks below the tenkan-sen then we should expect a test of the lower cloud boundary. EURUSD bulls need to step in and help price bounce off the cloud support. This could be the fuel needed for bulls to start a new upward move to new short-term highs.