FX.co ★ Ichimoku cloud indicator Daily analysis of EURUSD

EURUSD is under pressure. Price is challenging the Daily Ichimoku cloud lower boundary at 1.2045 which is important support. Price is making lower lows and lower highs after reaching our 1.2220 target. EURUSD is at a critical junction. The next few sessions will be decisive for the medium-term trend in EURUSD.

EURUSD is trading below the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). This is a bearish sign. Resistance by those two indicators is at 1.21 and at 1.2135. Bulls need to recapture this resistance area otherwise the chances are in favor of the bears. The Chikou span (black line indicator) is below the candlestick pattern and this is another bearish sign. EURUSD is in danger of a major break down that will bring price below 1.1950 towards 1.17. Bulls need to be very cautious.