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16.09.201923:29 Forex Analysis & Reviews: EURUSD remains below major resistance levels

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EURUSD is trading around 1.10 after making a low around 1.0925 and a high at 1.1110. Having retraced nearly 61.8% of the recent rise, there are many chances of an upward trend reversal.

In Ichimoku cloud terms medium-term daily trend remains bearish as price is still below the Kumo (cloud). So far price has retraced to the 61.8% Fibonacci retracement of the latest move higher. Resistance remains key at 1.1080 as the kijun-sen (yellow line indicator) has not been violated. Trend remains bearish as long as price is below the Kumo. However there are many chances of an upward move from current levels at 1.10. Stop for bulls would best be the recent low at 1.0925.

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