FX.co ★ Ichimoku cloud indicator analysis on EURUSD for April 29, 2022.

EURUSD as expected by our last analysis bounced towards 1.0563 and a little bit higher. Short-term conditions were oversold and a bounce higher was justified. Today EURUSD reached as high as 1.0593 while now price is trading around 1.0525.

Next resistance is at 1.0615. Trend remains bearish as price is below the 4 hour Kumo (cloud). Another bounce higher is probable but bulls will need to defend the tenkan-sen (red line indicator) at 1.0532. If bulls manage to push above 1.0615 then we could see a bigger bounce towards the cloud resistance.