EURUSD is trading around 1.0910. Yesterday the daily candlestick closed below the tenkan-sen (red line indicator) providing us with a sign of weakness. Today bulls make a come back as price is trading again above the tenkan-sen. Recent price action suggests that a daily close below yesterday's close at 1.0860 would suggest more downside ahead. EURUSD remains in a bullish trend according to the Ichimoku cloud indicator as price remains above the Kumo (cloud). A close below 1.0860 would imply that a deeper pull back towards cloud support at 1.0760 should be expected. The Chikou span (black line indicator) remains above the candlestick pattern (bullish). So far no trend change. Bulls remain in control of the trend even if price pulls back towards the cloud. Bulls do not want to see price enter close inside the Kumo.
