FX.co ★ Ichimoku cloud indicator analysis on EURUSD for September 7th, 2023.

EURUSD is trading around 1.07. Trend remains bearish as price remains below the Daily Kumo (cloud). Today price is making new lower lows. In Ichimoku cloud terms bears remain in full control of the trend. For a change in trend, bulls will need to recapture the 1.1043 level. Resistance is found at 1.0816 where we find the tenkan-sen (Red line indicator) which is the first obstacle towards a trend change. At 1.0875 we find the kijun-sen (yellow line indicator) which is the second level of resistance. The lower cloud boundary at 1.0955 is intermediate term resistance. The Chikou span (black line indicator) remains below the candlestick pattern (bearish). So far no sign of a reversal or at least a short-term bounce.