empty
 
 
20.05.2022 03:04 PM
Ichimoku cloud indicator analysis on EURUSD for May 20, 2022.

EURUSD provided a bullish breakout yesterday. Price broke out of the 4 hour Kumo. Bulls now need to defend the Kumo and keep price above the cloud. Support is found at 1.05 where we find the upper cloud boundary and the kijun-sen (yellow line indicator).

This image is no longer relevant

While price continues trading above the cloud, it is common to see a back test after such a breakout. So a pull back towards 1.05 is not out of the question. On the contrary it would be ideal for the bullish scenario for price to pull back towards the cloud and bounce off the Kumo creating another higher low. Bulls do not want to see price break below the kijun-sen and below the Kumo. That would be a sign of weakness.
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In October we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback