Support & Resistance

Ichimoku cloud indicator analysis on EURUSD for November 1st, 2022.

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EURUSD in Ichimoku cloud terms is now in neutral trend, if price closes inside the Kumo (cloud). We are at a very important junction as bulls try to push price above the daily Kumo (cloud). The upper cloud boundary is at 0.9960 and bulls want to recapture this level and stay above it. Failure to do so will most probably lead to a price rejection and price decline. Price tested the tenkan-sen (Red line indicator) yesterday and today is bouncing off of it inside the Kumo. Support by the tenkan-sen is at 0.99. A break below 0.99 will push price towards the kijun-sen (red line indicator) at 0.9815. EURUSD has been trading below the Daily Kumo since June of 2021 and the 1.1940 level.

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