FX.co ★ Ichimoku cloud indicator analysis on EURUSD for September 4th, 2023.

According to the Ichimoku cloud indicator in the Daily chart, EURUSD is in a bearish trend. Price is below the Kumo (cloud) and still below both the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). Two weeks ago EURUSD gave us a bearish signal as price broke below the Kumo. Last week as expected price bounced to back test the cloud from below. EURUSD got rejected at cloud resistance and is now back to recent lows. The Chikou span (black line indicator) remains below the candlestick pattern (bearish). Resistance by the tenkan-sen is at 1.0856 and by the kijun-sen at 1.0914. The cloud provides resistance at 1.0950 area and as long as we trade below this level, EURUSD will remain vulnerable to more downside. So far no sign of a trend reversal even in the lower time frames.