EURUSD is in a bearish trend. Price is below the Ichimoku cloud. Price is showing some upward reversal signs by bouncing off 1.1845 towards 1.1950. However it is still unclear if this is just a counter trend bounce or a major low is already in place.
EURUSD is below the Kumo (cloud). This confirms that trend is bearish. Price is now challenging the lower cloud boundary. This is important resistance. This resistance is at 1.1975. Breaking above this level, trend will change to neutral. Next resistance is at the tenkan-sen (Red line indicator) at 1.20 and next and also very important, at the kijun-sen (yellow line indicator) at 1.2055. If price ends the day inside the cloud, then we could see more upside towards 1.2050 next week. A rejection at 1.1975 would be a bearish sign and could lead to a new low towards 1.18-1.1750.
