FX.co ★ Ichimoku cloud indiccator analysis on EURUSD for August 7th, 2023.

EURUSD is trading around 1.10. Short-term trend remains bearish as we see EURUSD trading below the 4 hour Kumo (cloud) resistance. Recent test of the cloud was followed by a rejection. As long as price is below the cloud, bears remain in control of the trend. However there are some signs in the 4hour chart that look promising for bulls. The Chikou span (blue line indicator) is trading above the candlestick pattern (bullish). Price is still above both the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). The tenkan-sen has also crossed above the kijun-sen but the most important indicator now is price. Bulls need to support price and push it above the cloud at 1.1085.