FX.co ★ Ichimoku cloud indicator analysis on EURUSD for October 12, 2021.

EURUSD is making new lower lows. Price broke below the key short-term support of 1.1565-1.1570 and as we expected from our previous analysis, price is making new lows. Trend remains bearish as price continues to trade below the Ichimoku cloud.

EURUSD remains below the 4 hour Kumo (Cloud). This confirms bearish trend. Price is now again below the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). With the tenkan-sen also below the kijun-sen, the Chikou span (black line indicator) below the candlestick pattern, everything is bearish. Resistance is at 1.1555. However for a short-term trend change, bulls will need to break above 1.1625.