EURUSD is trading at 1.1860 making new short-term lows. Price remains in a bearish trend according to the Ichimoku cloud indicator both in the 4 hour time frame and in the Daily time frame. There was an attempt by bulls to push price above the Ichimoku cloud in the 4 hour chart but sellers were stronger and price got rejected.
The rejection by the Ichimoku cloud and the break below the March 19th low are bearish signs. The sideways price action in EURUSD that was observed for the last few sessions is most probably over with price breaking downwards. March low at 1.1835 is the next resistance bulls need to defend. Breaking below it is very possible and as long as price is below the Kumo (cloud) at 1.1930 we remain short-term bearish. Downside target 1.17 where we find the 38% Fibonacci retracement of the entire upward move from March 2020 low to January 2021 high.
