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

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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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