FX.co ★ Ichimoku cloud indicator analysis on EURUSD for April 28th, 2023

EURUSD is trading around 1.0990. Short-term trend is very close to changing from bullish to bearish. Price is now challenging the 4 hour Kumo (cloud). A break below the cloud would be a bearish sign. Bulls need to defend the 1.0990-1.0960 support area (cloud). Price has already provided a sign of weakness by breaking below the tenkan-sen and kijun-sen indicators. The Chikou span (black line indicator) is also very close to breaking below the candlestick pattern which will also be a bearish sign. Resistance by the tenkan-sen and kijun-sen indicators is found at 1.1020-1.1030. Bulls need to recapture this price level in order to hope for a continuation of the up trend.