EURUSD is trading around 1.1030. After making earlier today a new higher high at 1.1076, price is now under pressure. According to the Ichimoku cloud indicator trend remains bullish as price is still above the cloud. Price is now challenging the first short-term support level at 1.1026 where we find the tenkan-sen (red line indicator). A break below the tenkan-sen would be a sign of weakness and could imply that a move lower towards the kijun-sen (yellow line indicator) at 1.0955 is very probable. A pull back towards 1.0955 or towards 1.0885 where we find the 4hour Kumo (cloud) is justified and will not change the short-term trend. Only a break below the cloud will change the trend to bearish. However breaking below the tenkan-sen and kijun-sen would suggest more weakness ahead, so traders need to be cautious. The Chikou span (blue line indicator) is above the candlestick pattern (bullish). The Chikou span turns bearish on a break below 1.09.
