EURUSD continues to respect the 0.99 low and is bouncing once again towards the key Kumo (cloud) resistance. Short-term trend remains bearish as long as price remains below the Kumo. Price has broken once again above the tenkan-sen (Red line indicator) and the kijun-sen (yellow line indicator). The tenkan-sen remains above the kijun-sen. If price gets rejected at the cloud resistance we will get another bearish signal. Our expectation is for price to move towards 0.97. Confirmation for this scenario will come once the tenkan-sen crosses below the kijun-sen. The Chikou span (black line indicator) remains above the candlestick pattern giving hopes to bulls for another push higher. If bulls manage to enter the cloud, then we should expect more bullish strength and a higher bounce towards 1.0130 at least.
