FX.co ★ Ichimoku cloud indicator analysis on EURUSD for November 8th, 2023.

EURUSD is trading around 1.0690. According to the Ichimoku cloud indicator, trend is neutral as price is inside the Kumo (cloud). Bulls seem to have the upper hand although not yet the control of the trend. Bulls have the upper hand because the indicators suggest so. The Chikou span (black line indicator) is above the candlestick pattern (bullish). Price is still above both the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). These two indicators provide support around 1.0629 and 1.0604. Defending this support area is key for bulls. The upper cloud boundary provides resistance at 1.0799. Bulls need to break above this level in order to turn trend to bullish again.