EURUSD remains in a bearish trend. Price is making lower lows and lower highs. Price is still below the 4 hour Kumo (cloud). Price continues to get rejected each time it approaches the cloud resistance. EURUSD inability to move above 1.18 has lead to a move towards 1.17 and the challenge of the recent lows.
Cloud resistance is found at 1.1738 to 1.18. In order for the short-term trend to change to bullish, price must break above 1.18. Until then any bounce is considered selling opportunity. A break above 1.1740 will increase chances of a move towards the next resistance of 1.18. The Chikou span (black line indicator) is below the candlestick pattern confirming bearish trend. The most probable scenario is to see price continue lower towards 1.16 over the next few sessions.
