EURUSD is trading below 1.06. Trend remains clearly bearish in the Daily chart as price is well below the Kumo (cloud) and below both the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). Price continues making lower lows and lower highs. The Chikou span (black line indicator) remains below the candlestick pattern (bearish). So far there is no sign of a possible reversal. Bears remain in full control of the trend. However in the short-term, bears should not get overconfident as there are increased chances of a bounce. Our bounce target is at 1.0660 where we find the tenkan-sen. In the 4 hour chart the Kumo is at 1.07. So the area between 1.0660-1.07 is key short-term resistance. Bulls will need to break above this area in order to hope for a bigger move higher.
