FX.co ★ Ichimoku cloud indicator analysis on EURUSD for August 3rd, 2023.

EURUSD is in a bearish short-term trend according to the Ichimoku cloud indicator in the 4 hour chart. Price continues making lower lows and lower highs as it remains below the 4 hour Kumo (cloud). All indicators in the 4 hour chart are bearish. Price is also below both the tenkan-sen (Red line indicator) and the kijun-sen (yellow line indicator). The Chikou span (blue line indicator) is below the candlestick price. Bears remain in control of the trend. For this to change we need to see some signs of strength. Firstly price must close above the kijun-sen at 1.0980. This would be the first step. Secondly price will need to at least close inside the Kumo, this means above 1.1025 in order for trend to change to neutral. At the same time the Chikou span will move above the candlestick pattern turning bullish. FInally for trend to change to bullish, price must break above the cloud at 1.1092. Bulls have a long road ahead full with obstacles before turning trend to bullish again.