In our previous analysis on EURUSD we noted that although price was under pressure, trend remained bullish as price was still above cloud support. Today EURUSD is bouncing strongly off the cloud support erasing the losses incurred over the last couple of sessions. Recent price action confirms the importance of the cloud support at 1.0972-1.0954. As long as price holds above this level, bulls will remain in control of the short-term trend. Price is also above the tenkan-sen and kijun-sen now providing us with another sign of strength. The Chikou span remains above the candlestick pattern (bullish). Nothing has changed in the 4 hour chart according to the Ichimoku cloud indicator. Bulls remain in control.
