EURUSD is bouncing higher. Trend according to the Ichimoku cloud indicator remains bearish as price is still below both the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). We use the Ichimoku cloud indicator to identify key short-term resistance levels. Resistance by the tenkan-sen is at 1.0491. Bulls need to break above this resistance in order to continue higher towards the kiju-sen at 1.0573. Not much higher we find the lower cloud boundary at 1.0599. As long as price is below this level, EURUSD will remain vulnerable to more downside.
