FX.co ★ Ichimoku cloud indicator analysis on EURUSD for August 28th, 2023.

EURUSD is trading around 1.0805. In the Daily chart trend is bearish according to the Ichimoku cloud indicator. Price is below the tenkan-sen (red line indicator) which is the first important resistance at 1.0850. In the near term EURUSD is oversold and a bounce towards the tenkan-sen is justified. A break above 1.0850 could lead towards the kijun-sen (yellow line indicator) and the lower cloud boundary at 1.0955. A back test of the cloud from below is common after break below the cloud. The Chikou span (black line indicator) remains below the candlestick pattern (bearish). In the 4 hour chart trend remains bearish according to the Ichimoku cloud indicator and so far there is no sign of a reversal.