FX.co ★ Ichimoku cloud indicator analysis on EURUSD for May 11th, 2023.

EURUSD is trading around 1.0915. Price is under pressure once again and has now broken below last week's lows. As we mentioned in our previous posts, EURUSD was vulnerable to a move lower and towards the lower channel boundary support at 1.0865. Using the Ichimoku cloud indicator in the Daily chart we observe two things. Although price remains in bullish mode as it trades above the Kumo, price action is weak suggesting more downside. The Chikou span (black line indicator) is breaking below the candlestick pattern (bearish). Price is trading below both the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). EURUSD is vulnerable to move lower towards the cloud support at 1.08.