Ichimoku cloud indicator analysis on EURUSD for November 1, 2021.

EURUSD remains in a bearish trend according the Ichimoku cloud indicator in the Daily chart. Price continues to trade below the Daily Kumo. Last week's sell off pushed price below the tenkan-sen and kijun-sen indicators providing another sign of weakness.

Bears remain in control of the trend. Bulls need to break above the cloud resistance at 1.1720 in order to change trend to bullish. The tenkan-sen (red line indicator) provides resistance at 1.1615 and bulls need to break above this level in order for us to get the first sign of strength. The kijun-sen (yellow line indicator) is at 1.1625. Concluding bulls first need to recapture 1.1615-1.1625 in order to hope for a challenge of the cloud resistance. As long as price is below the 1.1615-1.1625 level, any bounce will be considered a selling opportunity.The material has been provided by InstaForex Company - www.instaforex.com