Last Friday we noted the importance of a daily close above the kijun-sen in order for EURUSD to continue higher towards 1.1150. This did not happen. On the contrary price closed below the kijun-sen and almost broke below the tenkan-sen. This was a bearish sign.
Price remains below the Daily Kumo. Trend remains bearish. The bounce that we are expecting has been at least delayed if not canceled, as bulls were unable to keep price above the kijun-sen (green line indicator). Price is now below the tenkan-sen (red line indicator) also and this is a sign of weakness. Trading below both the tenkan- and the kijun-sen implies more downside ahead. Horizontal support is at September lows of 1.0925. Bears remains in control of the short- and medium-term trend.
