FX.co ★ EURUSD rejected at Ichimoku cloud resistance.

The day yesterday ended very badly for EURUSD bulls. At the beginning bulls were seeing price entering the close hoping for a close inside it after a long time. Instead of a trend change to neutral, price not only closed below the Kumo (cloud), it got rejected and broke down below the tenkan-sen (red line indicator). Today EURUSD remains under pressure. Price is breaking below the kijun-sen (yellow line indicator). This is bearish price action. Price is also trading below last week's low. EURUSD bulls need to step in right now. This is their last line of defense. If the do not defend 1.0550, EURUSD will be in danger of seeing even lower levels below 1.03.