FX.co ★ Ichimoku cloud indicator analysis on EURUSD for April 12, 2022.

EURUSD remains in a bearish trend. We use the Ichimoku cloud indicator in order to identify key resistance levels that if broken will provide a bullish setup and the first signs of a possible upward reversal.

Price is below both the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). Resistance by these two indicators is found at 1.0887-1.0893. A break above this level will be the first sign of short-term strength. This could lead to a bigger bounce higher towards the cloud resistance at 1.0980. As long as price is below 1.0980-1.1030. trend will remain bearish. So far there is no such a sign of a reversal. If bulls manage to recapture 1.09 then they will have made their first step.