FX.co ★ Ichimoku cloud indicator analysis on EURUSD for October 24th, 2023.

EURUSD is trading around 1.0595-1.06. In Ichimoku cloud terms in the Daily chart, trend remains bearish as price is still below the Daily Kumo. Price recently broke above the tenkan-sen (Red line indicator) and the kijun-sen (yellow line indicator). Price moved closer towards the cloud yesterday but today EURUSD is under pressure. EURUSD today is challenging the support by the tenkan-sen and the kijun-sen at 1.0595 area. The Chikou span (black line indicator) is still below the candlestick pattern (bearish) as it got rejected today. For the Chikou span to turn bullish we need to see price break above 1.0720. The tenkan-sen seems to be crossing above the kijun-sen, which is a positive sign, but bulls need to give more signs of strength in order to turn trend to bullish. Bulls have a long road ahead with many obstacles. For now this bounce only looks like a short-term relief jump.