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FX.co ★ Ichimoku cloud indicator analysis of EURUSD for June 10, 2021

Ichimoku cloud indicator analysis of EURUSD for June 10, 2021

EURUSD volatility has increased today specially after the US CPI announcement one hour ago. Price initially fell towards 1.2150 but then a strong bounce towards 1.2195 followed. Price is now again under pressure and a rejection at cloud resistance followed by a new lower low below 1.2140 would be an added bearish signal.

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Ichimoku cloud indicator analysis of EURUSD for June 10, 2021

EURUSD is showing rejection signs in the 4 hour chart. Price is testing the 4 hour Kumo (cloud) resistance and so far seems unable to break above it. Breaking above the cloud resistance (1.2190-1.22) is key for the short-term trend. Inability to do so will push price lower towards 1.21-1.2050. The kijun-sen (yellow line indicator) is at 1.2160. A 4 hour close below this level will be a sign of weakness.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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