Short-term Ichimoku cloud indicator analysis of EURUSD for August 24, 2020

EURUSD is trading around 1.18 area but price has broken below the tenkan-sen indicator providing signal of more weakness to come. Unless bulls recapture 1.1840, we could see a bigger pull back towards 1.17-1.1680.

EURUSD is below the tenkan-sen (red line indicator) and this is a weakness sign. Price will be vulnerable to move lower towards the kijun-sen (yellow line indicator) at 1.17. As long as price is below 1.1840 we continue to expect price to make a deeper correction towards the 1.17 and maybe lower.