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05.05.202122:38 Forex Analysis & Reviews: Ichimoku cloud analysis on EURUSD

EURUSD is trading at 1.20. Today we use the Ichimoku cloud indicator in order to identify key resistance and support levels. EURUSD is in a bearish trend in the 4 hour chart as price is below the Kumo (cloud).

Exchange Rates 05.05.2021 analysis

Resistance by the tenkan-sen (Red line indicator) is at 1.2010. Recapturing 1.2010 will open the way for a push upwards towards the lower cloud boundary at 1.2050. The kijun-sen (yellow line indicator) is at 1.2057 and is an important short-term resistance. Breaking above this indicator will increase chances of breaking above the cloud once again. In general, trend remains bearish in the 4 hour chart and if price breaks above the tenkan-sen, we should expect a bigger bounce to follow.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Alexandros Yfantis,
Analytical expert of InstaSpot
© 2007-2024
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