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Ichimoku cloud indicator analysis on EURUSD for November 2, 2021.

EURUSD reached as high as 1.1613 today and got rejected at the tenkan-sen indicator resistance. As we mentioned in our previous analysis using Ichimoku clouds, trend remains bearish as long as price is below the Kumo and any bounce is considered a selling opportunity. Price is now at 1.1581.

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Price is still below the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). Trend remains bearish. The Chikou span (black line indicator) is below the candlestick pattern. Resistance remains at 1.1615 where price got rejected today. Bulls need at least to break above this level in order to hope for a move towards the cloud. Until this happens, bears are in full control of the trend.The material has been provided by InstaForex Company - www.instaforex.com