EURUSD is trading around 1.1610. In the 4hour chart according to the Ichimoku cloud indicator trend is neutral as price is inside the Kumo (cloud). In the Daily chart trend remains bearish and bulls have a lot of obstacles to overcome in order to reclaim control of the trend.

In the 4 hour chart as shown above price is inside the Kumo. In order for the 4 hour chart to turn bullish, EURUSD must break above 1.1630. If price breaks below 1.1595 then short-term trend will be bearish again. The pull back from 1.1670 to 1.1587 has retraced more than 50% of the recent upward move. This could be a higher low in the making before more upside. Confirmation of this scenario will come with the break above the cloud.

In the Daily chart price is below both the tenkan-sen (red line indicator) and kijun-sen (yellow line indicator). Resistance by the tenkan-sen and kijun-sen is at 1.1620-1.1640. Breaking above this resistance area will open the way for a move towards the Daily Kumo resistance at 1.1720-1.1750. Concluding, EURUSD as long as it trades below 1.1640 is vulnerable to more downside. Support is at 1.16. For a move towards 1.1720-1.1750 bulls will need to break first above 1.1640.