Short Term Bias After Monthly Pivot Point Rejection

FX:EURUSD   Euro / U.S. Dollar
Price failed by the confluence of horizontal resistance,
Monthly PP and Daily R1 along with the Weekly R1.
After good US data price tumbled to the lower Kumo Cloud
and a test of the Kijun (White line) which has held support
this far. A daily close above the Daily S1 is preferred for relieving
direct downside pressure for tomorrow. A close below Daily
S1 at 1,2389 and more so below the Kumo Cloud and the
critical Kijun line will signal further losses for tomorrows session.
Overall, on Daily timeframe price has returned right back inside
the descending wedge , but as Retail Sentiment has turned
bearish since a few days with some margin, chances are
we will see a deeper correction from here.

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