FX.co ★ Ichimoku cloud indicator Daily analysis of EURUSD

EURUSD is in a bearish trend according to the Ichimoku cloud indicator. Price has broken below the cloud support and is heading towards 1.16-1.15 which was our first target area after breaking below 1.17.

Price is below the cloud as we said above and this is bearish. The Chikou span (black line indicator) is inside the Kumo heading towards the lower boundary at 1.1565. If the tenkan-sen (Red line indicator) crosses below the kijun-sen (yellow line indicator) we will have a bearish signal. Resistance remains at the lower cloud boundary at 1.1685-1.17. What was once support is now resistance.