Ichimoku Cloud Analysis 22.03.2021 (EURUSD, USDCAD, EURJPY)

EURUSD, “Euro vs US Dollar”

EURUSD is trading at 1.1889; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test the cloud’s upside border at 1.1925 and then resume moving downwards to reach 1.1685. Another signal in favor of a further downtrend will be a rebound from the descending channel’s upside border. However, the bearish scenario may be canceled if the price breaks the cloud’s upside border and fixes above 1.1975. In this case, the pair may continue growing towards 1.2065.

USDCAD, “US Dollar vs Canadian Dollar”

USDCAD is trading at 1.2501; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test the cloud’s downside border at 1.2510 and then resume moving downwards to reach 1.2275. Another signal in favor of a further downtrend will be a rebound from descending channel’s upside border. However, the bearish scenario may no longer be valid if the price breaks the cloud’s upside border and fixes above 1.2635. In this case, the pair may continue growing towards 1.2725.

EURJPY, “Euro vs Japanese Yen”

EURJPY is trading at 129.31; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test the cloud’s downside border at 129.55 and then resume moving downwards to reach 127.85. Another signal in favor of a further downtrend will be a rebound from the rising channel’s downside border. However, the bearish scenario may no longer be valid if the price breaks the cloud’s upside border and fixes above 130.50. In this case, the pair may continue growing towards 131.25. To confirm further decline, the asset must break the rising channel’s downside border and fix below 128.55.