03.06.202217:12 Forex Analysis & Reviews: Ichimoku cloud indicator analysis on EURUSD for June 3, 2022.

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EURUSD is trading around 1.0720 after reaching as high as 1.0764 earlier today. Price remains below the Kumo (cloud) in the daily chart. Today price touched the cloud resistance and got rejected. Bulls need to break inside the cloud in order to change daily trend to neutral from bearish.

EURUSD is trading below the cloud but above the tenkan-sen (red line indicator). This short-term indicator is at 1.0707 providing the first support level. The kijun-sen (yellow line indicator) is at 1.0568 providing the second and most important short-term support level. Trading below the cloud implies that price remains vulnerable to the downside. The Chikou span (black line indicator) is trading above the candlestick pattern, but with price below the Kumo, EURUSD remains vulnerable to a pull back towards 1.06.

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