Fundamental analysis

Ichimoku cloud indicator analysis on EURUSD for October 28th, 2022.

invest on stocks


EURUSD is trading below parity once again. Price got rejected at the Daily Kumo (cloud) resistance and is moving lower. Price has confirmed what we were saying in previous posts, regarding the importance of resistance around 1.0050-1.01. Trend remains bearish according to the Ichimoku cloud indicator as long as price is below the Kumo in the Daily chart. Support is found at 0.9897 by the tenkan-sen (Red line indicator) and at 0.9815 by the kijun-sen (yellow line indicator). Price has moved above these two indicators, but in order to get a reversal signal we also need a break above the Kumo (cloud). The Chikou span (black line indicator) is challenging the resistance by the candlestick pattern. Failure to hold above 0.9815 would be a sign of further weakness to come.

The material has been provided by InstaForex Company –