FX.co ★ Short-term Ichimoku cloud indicator analysis of EURUSD for May 19, 2020.

EURUSD has reached as expected the Ichimoku cloud resistance at 1.0985 and got rejected. Price is turning lower forming a bearish candlestick pattern, confirming the importance of the Cloud resistance.

On a daily basis trend remains bearish as long as price is below the Kumo. Breaking above the tenkan-sen and kijun-sen has led price to a move towards the Kumo (cloud). Price got rejected at the lower boundary of the Kumo and is now pulling back. Support is found at 1.0870. Failure to hold above this support level will increase the chances of breaking below 1.08 towards 1.07.