Weekly Ichimoku cloud indicator analysis of EURUSD

EURUSD bounced towards 1.12-1.1230 but got rejected. Price has pulled back below 1.11 and bears back in control of the short-term trend. Price got rejected again right at the tenkan- and kijun-sen indicators confirming bearish trend.

EURUSD remains in weekly bearish trend as shown by the weekly chart above. Price is not only below the weekly Kumo, but also below both the tenkan- and kijun-sen indicators (red and yellow line). The kijun-sen(yellow line indicator) is also above the tenkan-sen (Red line indicator). This confirms bearish trend. Last week and this current week bulls tried to break above the two indicators which are found at 1.120-1.1237 but both times we saw a rejection. A new lower low below 1.1026 is very possible this week. On a daily and weekly basis we have some bullish divergence signs by the RSI, but as long as price keeps making lower lows and lower highs we can not talk about a reversal.The material has been provided by InstaForex Company - www.instaforex.com