FX.co ★ Ichimoku cloud indicator analysis on EURUSD for May 9, 2022.

EURUSD is trading around 1.0550. Price is in a bearish trend as it remains below the 4 hour Kumo (cloud). Bulls are trying to push price inside the cloud resistance and above the kijun-sen (yellow line indicator) at 1.0565.

So far price is showing rejection signs once again. Support is found at recent lows at 1.05. Bulls need to defend this. Failure to hold above 1.05 will most probably lead price towards 1.03. Trend remains bearish and over the coming days I expect to see an increase in volatility and a break out of the short-term sideways trading range we are currently in.