EURUSD is trading below the Daily Ichimoku cloud indicator. This implies trend is bearish. Bulls pushed price higher towards the lower cloud boundary but so far they were unable to re-enter inside the cloud. The rejection at 1.1975 was another bearish sign and we continue to expect to see price move lower.
As long as price is below 1.1975-1.20 trend will remain bearish and price will be vulnerable to a new lower low towards 1.18-1.1750. Resistance remains key at 1.1975-1.20. Breaking above it will open the way for a bigger bounce towards the kijun-sen (yellow line indicator) at 1.2050 and why not the upper cloud boundary at 1.2150. Until then, bears remain in control of the trend.
