FX.co ★ Ichimoku cloud indicator analysis on EURUSD for July 27th, 2023.

EURUSD is currently trading around 1.1080 minutes after the ECB announcement of its rate policy. With three major banks announcing this week their policies, volatility was expected to rise. EURUSD earlier today reached as high as 1.1150 but is now showing rejection signs. According to the Ichimoku cloud indicator the 4h chart has changed to neutral according to the previous 4 hour candlestick. Now price is again below the Kumo (cloud) and below both the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). The Chikou span (black line indicator) got rejected at the candlestick pattern and is still below it (bearish). Cloud boundary is found at 1.1111. Bulls need to see price move back up above this level, because a close below it, will change short-term trend to bearish again.