EURUSD has made a low at 1.1563 and is now bouncing higher towards 1.16. Trend remains bearish as price is still below the Kumo (cloud). However price has broken above the tenkan-sen (red line indicator) and this is the first sign of strength after some time. Price has now the potential to bounce higher towards 1.1645 at least.
After a negative week with price making new weekly and monthly lows, price is bouncing. It is justified to see bears take profits at the end of the week after such a downward move. Price has provided a first sign of strength by moving above the tenkan-sen. Next upside target is the kijun-sen (yellow line indicator) at 1.1645. As long as price is below the Kumo trend will remain bearish and any bounce will be considered as a selling opportunity.
