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Ichimoku Indicator

06.05.202115:06 Forex Analysis & Reviews: Ichimoku cloud indicator analysis of EURUSD for May 6, 2021

EURUSD is bouncing higher from the recent low of 1.20. Short-term trend remains bearish in ichimoku cloud terms but soon we will see a test of it. Price has broken above the tenkan-sen and kijun-sen resistance indicators and is now approaching the Kumo (cloud).

Exchange Rates 06.05.2021 analysis

The cloud resistance is at 1.2070. As long as price is below this level, short-term trend remains bearish. Bulls need to break above the cloud in order to change the trend back to bullish. Support by the tenkan-sen (red line indicator) is at 1.2022 and if price breaks below it, we will have a bearish signal and increased chances of seeing prices move lower towards 1.19. Price is now approaching important resistance and it is preferred to be cautious. A rejection by the cloud will be a sign of weakness. Aggressive traders will look to short such a rejection.

*La presente analisi del mercato ha un carattere esclusivamente informativo e non rappresenta una guida per l`effettuazione di una transazione.

Alexandros Yfantis,
Analytical expert of InstaSpot
© 2007-2025
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