FX.co ★ Ichimoku cloud indicator analysis on EURUSD for September 20th, 2023.

EURUSD is bouncing towards 1.07 as price is trading above the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). In Ichimoku cloud terms, trend remains bearish in the 4 hour chart because price is still below the Kumo (cloud). With price trading above the kijun-sen there are increased chances of a bigger bounce towards the lower cloud boundary around 1.0735. Support is found at 1.0692-1.0696 and as long as price holds above this level, we could see a move higher towards the Kumo. The Chikou span (black line indicator) remains below the candlestick pattern (bearish). Price in the near term is making higher highs and higher lows, but no important resistance has been broken in order to call for a trend change.