EUR/USD: Ichimoku analysis (May 30)
Tatyana Norkina, FBS analyst
Daily. The pair continues to decline. During the last week the currency pair dropped to $1.3600, after settling below the strong level of $1.3650. The Ichimoku indicator still shows the strong bearishness of the market, but feels oversold. Together with support at $1.3600, it can trigger corrective recovery in the near future.
Chart. Daily EUR/USD
H4. At H4 timeframe the Ichimoku indicator is also set negative. Depreciation of the currency pair has only strengthened the bearish setup. Tenkan and Kijun have recently formed another Dead Cross, while Senkou Span A is directed downwards and is expanding the Cloud to the downside. For now all this shows that the market participants want to be on the side of the bears.
Chart. H4 EUR/USD