empty
 
 
02.06.2023 06:46 PM
Ichimoku cloud indicator analysis on EURUSD for June 2nd, 2023.

This image is no longer relevant

EURUSD is trading around 1.0714 after reaching as high as 1.0779 earlier today. Price entered the 4 hour Kumo (cloud) but got rejected after the announcement of the unemployment rate and Non Farm Payrolls in the USA. Technically price has exited the bearish channel it was in but today's pull back increases the danger that the break out was a fake one. That is why we use the Ichimoku cloud indicator to get another perspective on the recent bounce in price from 1.0635 to 1.0779. As we can see in the 4 hour chart, price remains below the 4 hour Kumo thus short-term trend remains bearish. Price is pulling back and is challenging the tenkan-sen (Red line indicator) and the kijun-sen (yellow line indicator) that provide support at 1.0720-1.0705. The Chikou span (black line indicator) is above the candlestick pattern with negative slope trying to break back below it. Bulls need to step in and support price and form a higher low. This could help bulls gather momentum for another leg higher. Bulls need to break above 1.0780 in order for short-term trend to change to bullish.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback