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Ichimoku cloud indicator analysis of EURUSD for June 16, 2021
09:58 2021-06-16 UTC--4

EURUSD in the Daily chart remains in a bullish trend according to the Ichimoku cloud indicator, but with price below the tenkan-sen and kijun-sen, it is vulnerable to a move lower towards the Kumo (cloud).

The tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator) are at 1.2160. This is important short-term resistance. With price below these two indicators, price is vulnerable to a move towards the cloud. The cloud support is at 1.2050. Most of the times price breaks below the tenkan-sen and kijun-sen indicators, it continues lower to test the Kumo (cloud). As long as price is below 1.2160 we continue to expect to see lower levels.
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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.