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Ichimoku cloud indicator analysis on EURUSD for November 1, 2021.

EURUSD remains in a bearish trend according the Ichimoku cloud indicator in the Daily chart. Price continues to trade below the Daily Kumo. Last week's sell off pushed price below the tenkan-sen and kijun-sen indicators providing another sign of weakness.

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Bears remain in control of the trend. Bulls need to break above the cloud resistance at 1.1720 in order to change trend to bullish. The tenkan-sen (red line indicator) provides resistance at 1.1615 and bulls need to break above this level in order for us to get the first sign of strength. The kijun-sen (yellow line indicator) is at 1.1625. Concluding bulls first need to recapture 1.1615-1.1625 in order to hope for a challenge of the cloud resistance. As long as price is below the 1.1615-1.1625 level, any bounce will be considered a selling opportunity.The material has been provided by InstaForex Company - www.instaforex.com