FX.co ★ Ichimoku cloud indicator analysis on EURUSD for October 10th, 2023.

EURUSD is trading around 1.0587. Short-term trend according to the Ichimoku cloud indicator has changed to bullish as price has broken out of the cloud. Price is trading above both the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). The Chikou span (black line indicator) is above the candlestick pattern (bullish). Bulls need to defend 1.0560 and keep EURUSD above this level. This is crucial for the short-term trend. Failure to hold above the cloud will be a sign of weakness and a false break out. According to the Ichimoku cloud indicator bulls look like they are gaining control of the short-term trend. This price behavior could signal a bigger bounce higher towards 1.0850. Technically price has started making higher highs and higher lows. Key support is at the lower cloud boundary at 1.0512.