FX.co ★ Ichimoku cloud indicator analysis on EURUSD for January 3rd, 2023.

analysis we warned about the weekly Kumo (cloud) resistance and the danger of a rejection. EURUSD is trading still below the Kumo in the weekly chart. Price is getting rejected and current price action implies that more downside should be expected. Our minimum pull back target is at the tenkan-sen (red line indicator) at 1.0320. Short-term analysis has shown that the up trend was weakening and now we see the results. I expect this pull back to continue over the coming weeks.