FX.co ★ Ichimoku cloud indicator analysis on EURUSD for August 8th, 2023.

EURUSD is trading around 1.0950 still below the 4 hour Kumo (cloud) resistance. According to the Ichimoku cloud indicator trend remains bearish. Price got rejected at the cloud resistance and also broke below both the tenkan-sen (Red line indicator) and the kijun-sen (yellow line indicator). The Chikou span (blue line indicator) is also bearish as it is found below the candlestick pattern. No bullish sign in the Ichimoku cloud chart for EURUSD. Bulls need first to push price above the resistance of 1.0980 and eventually above the cloud at 1.1031. As long as price is below 1.1031 it will remain vulnerable to more downside.