EURUSD is under pressure. Price yesterday managed to recover most of its losses but today price is breaking below the Ichimoku cloud support providing a bearish signal. EURUSD is trading at 1.1272 having made a lower low relative to yesterday's low at 1.1291.
Yesterday bulls managed to close the day inside the Kumo despite moving below it briefly. Today price is making new lower lows below the Kumo. If the Daily candlestick closes below the Kumo, we will get a new bearish signal. Our technical analysis from previous days confirms that a break below 1.13 is a bearish sign. Resistance is found at 1.1370 where the tenkan-sen (Red line indicator) and the kijun-sen (yellow line indicator) are found. The upper cloud boundary is at 1.1440. Bulls need to overcome these obstacles in order to reclaim control of the trend.
