FX.co ★ Ichimoku cloud indicator Daily analysis of EURUSD

EURUSD is under pressure again. Price is challenging key short-term support at 1.2175. Price is still above yesterday's lows but still under pressure. We use the Ichimoku cloud indicator to identify key support and resistance levels.

EURUSD is challenging the tenkan-sen (red line indicator). A 4 hour close below 1.2175 will open the way for a deeper pull back towards the kijun-sen (yellow line indicator) at 1.2035. Price remains in a bullish trend as it makes higher highs and higher lows.The Chikou span (black line indicator) although it is above the candlestick body, it is turning lower with a negative slope. Support according to the Chikou span is at 1.1960-1.20. Bulls do not want to see price close today below 1.2175 and a break below yesterday's lows.