FX.co ★ Ichimoku cloud indicator short-term analysis of EURUSD for March 11, 2020

EURUSD is pulling back as we expected by our latest analysis. According to the Ichimoku cloud indicator we have a weak sell signal as price is breaking below short-term indicators. The pull back could unfold all the way to 1.1130.

EURUSD is still trading above the Kumo in the short-term chart, but price has broken below both the tenkan-sen (red line indicator) and the kijun-sen (green line indicator). The tenkan-sen has also crossed below the kijun-sen and thus we have our first weakness signal. Support is found at the cloud, around 1.1130. Resistance is found at 1.1330-1.1350. Breaking above this level will increase the chances of price reaching new 2020 highs.