EURUSD is trading just above 1.10 while earlier today price retested the lower cloud boundary close to 1.0965. Bulls have managed to hold price above the cloud support.
As can be seen in the 4 hour chart above, EURUSD is trading above the cloud after testing the lower boundary. Price has formed a double bottom around 1.0965 and the pair continues to respect that support. Today's price action has confirmed the importance of the 1.0965 support level. So breaking below it will provide a bearish signal and we should then expect at least a move lower towards 1.0880. The kijun-sen (yellow line indicator) is at 1.1050 and this is important short-term resistance. Bulls need to break above this level in order to gain momentum for a move higher towards 1.12-1.13.
