FX.co ★ Ichimoku cloud indicator analysis on EURUSD for May 9th, 2023.

EURUSD is trading around 1.0965. In Ichimoku cloud terms trend remains bullish as price is still above the cloud. However price is now challenging the kijun-sen (yellow line indicator) that provides support at 1.0960. A daily close below the kijun-sen would be an important sign of weakness. Currently price is below the tenkan-sen (red line indicator). A break below the kijun-sen will increase chances of a deeper pull back towards the Kumo (cloud) support at 1.08. The Chikou span (black line indicator) is above the candlestick pattern but very close to testing it. Bulls need to be very cautious as a pull back at leasttowards 1.08 is justified.