EURUSD is rebounding from the support area at 1.0805; it managed to test the March low but not break it. The instrument is currently moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test the cloud’s downside border at 1.0845 and then resume moving downwards to reach 1.0595. Another signal in favour of a further downtrend will be a rebound from the descending channel’s upside border.
However, the bearish scenario may no longer be valid if the price breaks the cloud’s upside border and fixes above 1.0965. In this case, the pair may continue growing towards 1.1055.
