EUR vs USD 5-8-13

FX:EURUSD   Euro Fx/U.S. Dollar
604 0 1
Looking at the EUR vs USD on the Daily time-frame we can see where price has attempted 3 times to break the resistance of the Kumo cloud and has so far to this point failed. What makes me believe that it is ready to break that resistance now? Not much! From the swing high @ 1.37000 to the swing low @ 1.27709 I have drawn the Fibs and the resistance of the Kumo lines up with the 50% retracement level giving me more reason to think that this resistance level may hold. Price is also having a tough time breaking the resistance of the 100 SMA which is the blue line on the chart. Even though the 100 period SMA is not pointing downwards it has progressed from the upward slope to a more horizontal level and may be turning over. Unless price can break these levels of resistance I'll keep my bias to the downside. A close above 1.31841 may get me riding the bulls! Have a great trading day and God bless!
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