EURUSD is bouncing off the cloud support. Today price is breaking above the tenkan-sen (red line indicator) resistance. Respecting the cloud support is key for what we should expect over the next few days. Next key resistance is at the kijun-sen (yellow line indicator) at 1.0077. Support by the Kumo (cloud) remains at 0.9990. Despite the sharp decline on Tuesday, bulls still have hopes for a comeback. Bulls need to continue to respect cloud support and break above the short-term resistance of 1.0077. At 1.01 we also find key Fibonacci resistance not shown in the chart above. Concluding, bulls are vulnerable as long as price is below 1.01-1.0077, bears need to push price below 0.9950-0.9990 in order to strengthen the bearish momentum.
