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FX.co ★ Ichimoku cloud indicator analysis on EURUSD for August 11th, 2023.

Ichimoku cloud indicator analysis on EURUSD for August 11th, 2023.

Ichimoku cloud indicator analysis on EURUSD for August 11th, 2023.

EURUSD is in a bearish short-term trend according to the Ichimoku cloud indicator in the 4 hour chart. Price has already provided us with a 4 hour candlestick below the Kumo (cloud). This is a bearish signal. Price is trading below the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). The tenkan-sen provides resistance at 1.1011 and the kijun-sen at 1.10. The Chikou span (black line indicator) is below the candlestick pattern (bearish). The recent break above the cloud was short-lived and looked more like a trap. For bulls to regain control of the trend we need to see price above 1.1030. Price is vulnerable to a move lower towards 1.09.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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