FX.co ★ Ichimoku cloud indicator analysis on EURUSD for May 17, 2022.

EURUSD is trading around 1.0530. Price is above both the tenkan-sen and kijun-sen. Price however remains below the Kumo and currently is challenging it. Big cloud resistance found here around 1.0560.

The Chikou span (black line indicator) is also below the Kumo and below the candlestick pattern. Support is found by the kijun-sen (yellow line indicator) at 1.0463. As long as price is above this level bulls have hopes of a break above the 4hour cloud resistance. A breakout bullish signal will be given if price moves above the cloud. A rejection at cloud resistance and a turn below 1.0463 would be a bearish signal.