FX.co ★ Ichimoku cloud indicator analysis of EURUSD for May 7, 2021

EURUSD has provided another bullish signal by breaking above the 4 hour Ichimoku cloud. EURUSD has broken above the key short-term resistance of 1.2070 and is already above 1.2130. Trend is now again bullish in the 4 hour chart despite a short lived change in trend earlier this week.

EURUSD is trading above the 4 hour Kumo. The breakout at 1.2070 has provided with a new bullish signal. As long as price is above 1.2070 trend is bullish. Support is confirmed at 1.2070 by the tenkan-sen (Red line indicator) and the kijun-sen (yellow line indicator) as well. The cloud now provides support. Price is at its recent highs with upside momentum still strong.