Ichimoku cloud indicator analysis for EURUSD for May 7, 2019

Trend remains bearish in EURUSD in the Daily and weekly time frame according to the Ichimoku cloud indicator. There is no sign of trend reversal but in this post we will point out the levels bulls need to break in order to reverse trend according to Ichimoku cloud indicator.

In both the Daily and in the weekly time frame price is below the Ichimoku cloud. In the Daily chart price is below the tenkan- and kijun-sen indicators as well. This means that there is no sign of a reversal yet. The tenkan-sen (red line indicator) is at 1.1188 while the kijun-sen (yellow line indicator) is at 1.1218. Bulls need to break at least above 1.1220 in order to hope for a move towards the Kumo (cloud) near 1.13. Only a break above the cloud will confirm a trend change on a daily basis. The Kumo (cloud) is at 1.13-1.1350. Until this level breaks to the upside, bears remain in control of the trend.The material has been provided by InstaForex Company - www.instaforex.com