EURUSD remains in a bearish trend. Price continues to make lower lows and lower highs. If bulls manage to recapture 1.08 then we could see price bounce higher towards 1.09-1.0945. This setup is based on the resistance levels shown by the Ichimoku cloud indicator.
Yellow rectangle - target if resistance broken
EURUSD is trading below the tenkan-sen (red line indicator). If we see a 4 hour close above 1.08 then we should expect price to test the kijun-sen (yellow line indicator) around 1.09-1.0945. Short-term trend remains bearish. No reversal sign yet. Breaking 1.08 to the upside would be the first important bullish signal. After a bad week for EURUSD bulls, at the end of the week we could see some profit taking by Dollar bulls, thus helping price of EURUSD bounce.
