06.08.201822:37 Forex Analysis & Reviews: Ichimoku cloud indicator analysis on EUR/USD for August 7, 2018

Long-term review

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The EUR/USD bounced today towards 1.1550 after making new lows around 1.1530. The trend remains bearish. Price is below the Ichimoku cloud and inside the bearish channel. Bulls will need at least to break above 1.1570 to give some hope for a bigger bounce. Trend changes only with a break above 1.17.

Red lines - triangle pattern

Blue lines - bearish channel

The EUR/USD remains in a bearish trend below the 4-hour Ichimoku cloud resistance. Price remains trapped below the broken triangle pattern and inside the bearish channel. Short-term resistance is found at 1.1570 and next at 1.1630. Support is found at 1.1530-1.15. A break below it can open the way for much lower towards 1.13.

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