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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).

Exchange Rates 22.09.2020 analysis

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.
Alexandros Yfantis
Analytical expert of InstaForex
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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.02% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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