FX.co ★ Ichimoku cloud indicator Daily analysis of EURUSD

EURUSD yesterday broke below the tenkan-sen and kijun-sen indicators. Price is bouncing today but still below the key indicators. Current price action favors a deeper pull back. Bulls need to recapture the 1.1770 level.

With price inside the Kumo trend is neutral. However price is showing more bearish signs. Price has broken below the tenkan-sen and kijun-sen. The Chikou span (black line indicator) is below the candlestick pattern. There are more signs of weakness than signs of strength. As long as price is below 1.1770-1.18 we expect more downside in EURUSD.