Ichimoku cloud indicator analysis on EURUSD for April 10th, 2023

EURUSD is under pressure. Price is challenging the 4hour Kumo (cloud) support at 1.0855. Price is vulnerable to more downside as it trades below both the tenkan-sen (Red line indicator) and the kijun-sen (yellow line indicator). Resistance by the tenkan-sen and kijun-sen is at 1.0885-1.0905. Cloud support is at 1.0855-1.0825. As long as price holds above this area, bulls can hope for a turnaround to the upside and bounce off cloud support. Technically trend remains bullish on a daily basis as price has not broken below the latest higher low. We have seen the formation of lower highs since Friday, but so far we have neither a technical nor through the Ichimoku cloud indicator a reversal in trend.

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