FX.co ★ Short-term Ichimoku cloud indicator analysis of EURUSD

EURUSD bounced today towards 1.0830 but bulls were not strong enough to push price above the kijun-sen resistance. Trend remains bearish despite price moving above the tenkan-sen indicator.

EURUSD remains in a bearish trend. Price is struggling to stay above the tenkan-sen (red line indicator). Short-term resistance is at the kijun-sen (green line indicator) at 1.0840. Bulls need to break above this level in order to push price towards the Kumo which is the major short-term resistance at 1.11. As long as price is below the Kumo trend is bearish. So far we have no reversal signal. At 1.0830-1.0840 we have a double top. Breaking above this level we will also get a technical bullish signal. Support is at 1.0665.