FX.co ★ Ichimoku cloud indicator analysis on EURUSD for November 1st, 2023.

EURUSD is under pressure for a second day in a row. After yesterday's rejection near the cloud resistance, EURUSD today is breaking below the kijun-sen (yellow line indicator). This is a bearish sign and if the day closes below the kijun-sen, we should expect more downside over the coming sessions. Of course the announcement of the current NFP will play a big role on the near term trend also. According to the Ichimoku cloud indicator, trend remains bearish and the Chikou span (black line indicator) remains below the candlestick pattern (bearish). Bulls need to push price above 1.0610 inb order to hope for a bigger move higher. Currently EURUSD is challenging the short-term support around 1.0525.