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EUR/USD: Ichimoku analysis (Nov. 8)

Daily. EUR/USD kept declining during the recent days. On the daily timeframe the pair reached the Ichimoku Cloud and even made an attempt to move to the bearish zone, falling to 1.3300. In the end, however, the prices have remained within the Cloud. Therefore, short-term situation remains strongly negative as the Tenkan and Kijun formed the dead cross (C). EUR/USD may be kept from further declines by the bottom of the Cloud: Senkou Span A acts as support at $1.3370. The odds of EUR recovering to Tenkan and Kijun are high.

Chart. Daily EUR/USD

H4. There’s a bearish trend on H4. Here both the Ichimoku Cloud and the short lines look fairly pessimistic. Note, however, that over the last day, all lines of the indicator went sideways indicating a high probability of short-term sideways trend. The bulls can even make short-term attempts to recover the lost ground. To do this they will have to overcome the resistance of Tenkan and Kijun (C) at $1.3420. The first attempt was unsuccessful. Consequently, in the short term, the pair may test the local lows.

Chart. H4 EUR/USD

Tatyana Norkina for FBS

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