FX.co ★ Ichimoku cloud indicator analysis on EURUSD for September 21st, 2023.

EURUSD remains in a bearish trend in the 4 hour chart as price remains below the Kumo (cloud). Price moved as high as 1.0737, but failed to break above the cloud. EURUSD got rejected at the cloud resistance and turned to new lows after breaking the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator) support levels. In our previous analysis we warned traders that new lows would follow if price got rejected at the cloud resistance and if it broke below the kijun-sen. According to the ichimoku cloud indicator trend remains bearish. The Chikou span (black line indicator) is below the candlestick pattern (bearish). Bears remain in full control of the near term trend.