EUR/USD: weekly Ichimoku analysis
Tatyana Norkina, FBS
Daily. At the past week the currency pair failed to hold above $1.3600, above which it was consolidating the week before that. As EUR/USD breached down the horizontal Kijun-sen, the bears got chance to resume selling which led to the depreciation to the June lows in the $1.3500 support area. The Ichimoku indicator on the daily timeframe again became completely negative: the Cloud was accompanied by the dead cross formed by Tenkan and Kijun.
H4. At H4 the pair found itself in the negative area after an unsuccessful consolidation above the Ichimoku Cloud. Note that by that time the Tenkan and Kijun began forming a Dead Cross significantly weakening position of buyers. Break below the Cloud was critical. Then the Cloud turned bearish. The only thing that can hold back a further decline from current levels is the fact that the pair is oversold.