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EURUSD remains in a weekly bearish trend as price is still below both the tenkan- and kijun-sen cloud indicators. Price continues to make lower lows and lower highs for 2 years now despite the bullish divergence signs that started almost a year ago.
EURUSD has weekly resistance at 1.12. As long as price is below that level short-term trend will remain bearish. Breaking above this level will open the way for a bigger bounce towards the Kumo (cloud). This would mean that we could see a bounce towards 1.1350-1.14. Support is at 1.1060 and breaking below it will increase the chances of pushing below 1.10. Short-term resistance is at 1.1150 and breaking above it could make bulls challenge the resistance at 1.12.InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.