EURUSD is under pressure today with price trading around 1.0135. Recently price broke out and above the 4 hour Kumo (cloud) resistance and reached as high as 1.0280, but since then price was only consolidating without any real progress to the upside. Today price broke below the consolidation range and into the 4 hour Kumo again. A back test of the short-term cloud support is normal, however bulls do not want to see price staying inside the cloud or breaking below it. Bulls want to see price stay above 1.0150. Failure to do so will be a sign of weakness. EURUSD might be forming a higher low before continuing its bounce higher. Failure to stay above 1.01 will decrease dramatically the chances of another move higher above 1.0280.
