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29.04.2022 03:55 PM
Ichimoku cloud indicator analysis on EURUSD for April 29, 2022.

EURUSD as expected by our last analysis bounced towards 1.0563 and a little bit higher. Short-term conditions were oversold and a bounce higher was justified. Today EURUSD reached as high as 1.0593 while now price is trading around 1.0525.

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Next resistance is at 1.0615. Trend remains bearish as price is below the 4 hour Kumo (cloud). Another bounce higher is probable but bulls will need to defend the tenkan-sen (red line indicator) at 1.0532. If bulls manage to push above 1.0615 then we could see a bigger bounce towards the cloud resistance.
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