FX.co ★ EURUSD at major weekly cloud support

EURUSD has reached the weekly Ichimoku cloud support and this is another reason why price has stopped its decline at 1.1850 area. Trend remains bearish as there is no sign of a reversal yet.

EURUSD has pulled back towards the upper cloud boundary and so far it is holding above it. This is important for the longer-term bullish trend in EURUSD. Today price is challenging the 1

.19 level.

Red rectangle- resistance

EURUSD is in a short-term bearish trend as long as price is below the red rectangle. A new low towards 1.18 is fully justified as long as price remains below 1.1925. The RSI has reached oversold levels but there is no sign of a bullish divergence.