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Ichimoku cloud indicator analysis on EURUSD for October 8, 2021.

According to the Ichimoku cloud indicator, EURUSD remains in a bearish trend. Price has not given us any strong bullish signal. Price has managed only to push above the tenkan-sen (Red line indicator), however it got rejected at the kijun-sen (yellow line indicator).

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Resistance remains by the kijun-sen at 1.1585 and support by the tenkan-sen at 1.1564. As long as price is below the Kumo in the 4 hour chart, trend will remain bearish. Bulls will need to break above the cloud in order to change trend. For this to happen, price will need to break above 1.1660. The Chikou span (blue line indicator) remains below the candlestick pattern. This confirms the bearish trend.

The material has been provided by InstaForex Company - www.instaforex.com