22.09.202014:13 Forex Analysis & Reviews: Ichimoku cloud indicator Daily analysis of EURUSD for September 22nd, 2020

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EURUSD is trading below key technical support of 1.1760. In Ichimoku cloud terms price is vulnerable to a move towards 1.16-1.1565 if price breaks inside the Kumo. Price is now challenging the upper boundary of the Kumo (cloud).

EURUSD is trading below both the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). The tenkan-sen has crossed below the kijun-sen and the Chikou span (black line indicator) has broken below the candlesticks. All these signs are bearish. Confirmation of a trend change will come once price breaks inside the Kumo. If price enters the Kumo then this will be a weakness sign. This will increase chances of a move towards 1.16.

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