FX.co ★ Ichimoku cloud indicator analysis on EURUSD for August 23rd, 2023.

In recent posts about EURUSD, we noted that this week was expected to start in a bullish tone and EURUSD to back test the cloud resistance from below. Price did exactly that and got rejected. EURUSD bulls were unable to push price above the tenkan-sen (red line indicator). Failure to break the tenkan-sen resistance has lead price to new lower lows. Trend remains bearish as price is still below the Kumo (cloud). The bearish trend was signaled a few days ago when price initially broke below the cloud and closed at 1.0870. The Chikou span (black line indicator) remains below the candlestick pattern (bearish). Resistance by the tenkan-sen is found at 1.0905 and next resistance at the lower cloud boundary at 1.0955.