02.10.202316:44 Forex Analysis & Reviews: Ichimoku cloud indicator analysis on EURUSD for October 2nd, 2023

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EURUSD has started the week under pressure. In Ichimoku cloud terms price remains in a bearish trend in the Daily chart. Price remains below the Daily Kumo (cloud). Last week price bounced higher as expected only to find strong resistance at the tenkan-sen (red line indicator) at 1.0612. Price is getting rejected at this resistance level. Bulls will need to break at least above 1.0612 in order to hope for a bigger bounce. The kijun-sen (yellow line indicator) is the next resistance at 1.0717. Current market conditions justify a bounce towards that area but there is no sign of a short-term trend reversal. The Chikou span (black line indicator) remains below the candlestick pattern (bearish). Bears remain in control of the trend and the Ichimoku cloud confirms this.

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