Ichimoku cloud indicator analysis of EURUSD for July 20, 2021

EURUSD is making new lower lows today at 1.1756. Trend according to the Ichimoku cloud indicator remains bearish as price also remains below the Kumo (cloud). In order for the short-term trend to change to bullish, price will need to break above 1.1835.

At 1.1790 and 1.1803 we find the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator) respectively. Bulls will need to break above these resistance levels in order to give us the first signs of a possible reversal. We explained in previous posts that technically the bearish momentum is weakening and we expect a reversal soon. We use the Ichimoku cloud indicator to confirm the reversal when it happens.The material has been provided by InstaForex Company - www.instaforex.com