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17.08.2019 09:07 AM
Weekly Ichimoku cloud indicator analysis of EURUSD

EURUSD bounced towards 1.12-1.1230 but got rejected. Price has pulled back below 1.11 and bears back in control of the short-term trend. Price got rejected again right at the tenkan- and kijun-sen indicators confirming bearish trend.

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EURUSD remains in weekly bearish trend as shown by the weekly chart above. Price is not only below the weekly Kumo, but also below both the tenkan- and kijun-sen indicators (red and yellow line). The kijun-sen(yellow line indicator) is also above the tenkan-sen (Red line indicator). This confirms bearish trend. Last week and this current week bulls tried to break above the two indicators which are found at 1.120-1.1237 but both times we saw a rejection. A new lower low below 1.1026 is very possible this week. On a daily and weekly basis we have some bullish divergence signs by the RSI, but as long as price keeps making lower lows and lower highs we can not talk about a reversal.
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