FX.co ★ Ichimoku cloud indicator analysis on EURUSD for June 6th, 2023.

EURUSD is trading around 1.0670. Bears remain in control of the short-term trend as price remains below the 4 hour Kumo (cloud). Price tested the lower cloud boundary yesterday but once again got rejected. EURUSD tested the resistance at 1.0720-1.0730 and bulls failed to enter the cloud. Price got rejected and broke below the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). Short-term resistance is at 1.07-1.0710. Bulls will need to recapture this resistance level in order to hope for a trend change to neutral from bearish.