FX.co ★ Ichimoku cloud indicator analysis on EURUSD for March 16, 2022.

EURUSD in ichimoku cloud terms has turned trend to neutral from bearish in the 4 hour chart. We mentioned in previous posts using simple technical analysis that there are signs of a possible trend reversal.

With price entering the cloud, trend has changed to neutral. Price has moved above the tenkan-sen (Red line indicator). Next resistance is the kijun-sen (yellow line indicator) at 1.10. Bulls need to break above this level in order to increase chances of a bigger move higher. At 1.1040 we find the upper cloud boundary which is the most important resistance level in the short-term. Bulls need to push price above this level and a bullish signal will be given.