FX.co ★ Another rejection at key cloud resistance for EURUSD

EURUSD bulls tried to move above the resistance of 1.0880-1.09 but they were unable. Price got rejected once again at the Kumo and this is a bearish sign. EURUSD is now approaching key short-term support.

EURUSD prices moved inside the Kumo initially but sellers were too strong. Price got rejected for the third time and is now again below the 4 hour cloud. Price is now challenging the tenkan-sen and kijun-sen ichimoku indicators at 1.0845-1.0830. Breaking below this support area will open the way for a move below 1.08 towards 1.07. Bulls need to recapture the 1.0890 level on a daily basis. By doing so, they will have given a bullish signal. This will open the way for a move towards 1.0950-1.10. As long as price is below 1.0890 on a daily basis, trend remains bearish. Next sell signal will come if price breaks below 1.0760. This will make us expect price to reach 1.0640.