FX.co ★ Ichimoku cloud indicator analysis on EURUSD for July 4, 2022.

EURUSD is bouncing higher. Trend according to the Ichimoku cloud indicator remains bearish as price is still below both the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). We use the Ichimoku cloud indicator to identify key short-term resistance levels. Resistance by the tenkan-sen is at 1.0491. Bulls need to break above this resistance in order to continue higher towards the kiju-sen at 1.0573. Not much higher we find the lower cloud boundary at 1.0599. As long as price is below this level, EURUSD will remain vulnerable to more downside.