Ichimoku cloud indicator analysis of EURUSD for July 15, 2021

EURUSD is trading around 1.18. Price got rejected at cloud resistance and remains in a bearish trend. In our recent posts we noted that EURUSD price at 1.18 and below is a good opportunity to go long. There are indications that an important low will be formed soon and trend will reverse to the upside. However as we mentioned in yesterday's analysis, there is no trend reversal confirmation yet.

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The Ichimoku cloud indicator comes to confirm the above statement. Trend remains bearish as price is below the Kumo. Bulls are fighting and already tried three times to break above the 4 hour Kumo (cloud). They remain unsuccessful. Other indicators point to a weakening down trend and that a reversal is imminent. However bulls will also need to show signs of strength. Such a sign would be for price to break above the cloud. At current levels we prefer to be neutral if not slightly bullish. Breaking above the cloud is what we expect to see next and then we will add to longs.The material has been provided by InstaForex Company - www.instaforex.com

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