FX.co ★ Ichimoku cloud indicator analysis on EURUSD for November 7th, 2022.

EURUS is trading around 0.9983. Price broke above the Daily Kumo on Friday providing an important bullish reversal signal. The tenkan-sen (Red line indicator) is above the kijun-sen (yellow line indicator). Bulls now need to stay above the Kumo for the bullish reversal signal to remain valid. Bulls need to stay above 0.9950 and most importantly above 0.9830. Bulls do not want to see price slip back inside the Kumo (cloud). EURUSD has the potential to start a new upward move that will bring the fx pair towards 1.02 at least. Next important resistance is the recent highs at 0.9945.