EURUSD is trading around 1.0708. On a daily basis price remains below the Kumo and thus trend remains bearish. Any upside has so far been met by resistance. Today's candlestick shows another attempt to reach the cloud but the price reversal implies that another rejection is under way.
So far price continues to respect the tenkan-sen (red line indicator) and continues trading above it. Failure to hold above the tenkan-sen will most probably lead to a decline towards the kijun-sen (yellow line indicator) at 1.0568. This is the next support level. With every rejection, I get an increased chance of a downward reversal. Bulls need to push price inside the Kumo and eventually above it. Until then it remains in a bearish mode.
