EURUSD is in neutral trend according to the Ichimoku cloud indicator. However the Cloud indicator has warned us with several signals so far of the vulnerability of EURUSD. With price now just below 1.17, bulls are in a very difficult spot. Price is making lower lows and lower highs and price is about to break down below the lower cloud boundary.
The rise from 1.1612 to 1.1880 has most probably been complete and now we are at the early stages of a move lower that will eventually break below 1.16 and reach 1.15. Confirmation of the bearish signal will come first when price breaks out and below the Kumo (cloud). Secondly bears would want to see the tenkan-sen cross below the kijun-sen. Resistance is found at 1.18 and as long as price is below this level we remain pessimistic.
The material has been provided by InstaForex Company – www.instaforex.com
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