05.01.202223:41 Forex Analysis & Reviews: Ichimoku cloud indicator analysis on EURUSD for January 5th, 2022.

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EURUSD is trading just above 1.13. Price continues to trade below the daily Kumo (cloud). This implies that the Daily trend remains bearish. Price recently got rejected at the Ichimoku cloud resistance at 1.1380-1.1390, where we find the lower cloud boundary. The inability to break into the cloud was a sign of weakness.

Price continues to trade sideways and bulls try to push price above the tenkan-sen and kijun-sen indicators. The Chikou span (black line indicator) is trying to stay above the candlestick pattern. In general there are signs of a pause in the down trend, but there is no sign of a reversal yet. Failure to stay above 1.13 will be a bearish sign and could lead EURUSD to new lows towards 1.1150. Bulls need to break above 1.1390 in order to at least change trend to neutral.

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