Another Test Of The Kumo Cloud

FX:EURUSD   Euro Fx/U.S. Dollar
112 0 3
Yesterday price surpassed the breakout level of the Rising Channel and broke
inside the Kumo Cloud again but retreated into the close and
closed 2 pips above the lower Kumo Cloud. Today the lower Kumo Cloud
stands at 1,0914 and chances are price will test it and , from a bearish
perspective a close below would be ideal for more conviction of downward
along with a close below theWeekly PP at 1,0908. continuation, in line with the
larger patterns previously mentioned. Also a bearish MACD cross would add
to the downward pressure.

A daily close inside the Cloud or a test of the lower Cloud and a bounce from there
will be somewhat troublesome for Bears and perhaps indicicate a prolonged
consolidation inside the Cloud without much momentum in either direction.

Important Resistance stands at yesterdays high 1,0990, Weekly R1 1,1015, 1,1060
upper Kumo Cloud.

Support below the Kumo Cloud is Monthly R1 1,0891,
1,0835 and 1,08
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