FX.co ★ EURUSD gets rejected again at cloud resistance.

EURUSD price action is bearish. Price remains in a bearish trend according to the Ichimoku cloud indicator as price is below the Kumo (cloud). However recent price action confirms that bulls remain weak as they are unable to break above the cloud resistance even in the 4 hour chart.

EURUSD is trading below the Kumo. Price is getting rejected once again when it reached the lower cloud boundary. This is a bearish sign and unless bulls manage to push price above 1.10, we should expect the Daily close to be close to new lower lows towards 1.09-1.0870. Resistance remains key at 1.10 and at 1.1085 where we find the upper cloud boundary. In order the Ichimoku cloud indicator to provide a bullish signal, EURUSD must push above 1.1085.