FX.co ★ Ichimoku cloud indicator analysis on EURUSD for August 17th, 2023.

EURUSD is in a bearish trend according to the Ichimoku cloud indicator in the 4 hour chart. Price technically is also in a bearish trend making lower lows and lower highs. Today we use the Ichimoku cloud indicator to identify key resistance levels in the near term, that if broken could provide the start of a bounce or bigger reversal. In the 4 hour chart EURUSD is challenging the tenkan-sen (red line indicator) resistance at 1.09. The kijun-sen (yellow line indicator) provides resistance at 1.0934 and if this level is broken, we should expect price to bounce higher towards the Kumo (cloud) at 1.0987. The Chikou span (blue line) is currently below the candlestick pattern (bearish) and suggests that resisstance is found at 1.0945. So far there is no sign of a reversal or a bounce starting.