Ichimoku cloud indicator analysis on EURUSD for October 7, 2021.

EURUSD remains in a bearish trend both technically and according to the Ichimoku cloud indicator. Price is below the Kumo in the 4 hour chart and Daily chart. Price continues making lower lows and lower highs.

The tenkan-sen (red line indicator) is our short-term resistance and is found at 1.1560. For a sign of strength, bulls need at least a 4 hour candlestick close above 1.1560. The next resistance is at 1.1585 as we see by the kijun-sen (yellow line indicator). Both indicators are negatively sloped and the tenkan-sen below the kijun-sen. This confirms that bears remain in control of the short-term trend. There is no sign of a reversal. For a trend change in the 4 hour chart bulls will need to push price above the cloud.The material has been provided by InstaForex Company - www.instaforex.com