• Long-tails on Monday and Tuesday candlesticks point to a downside rejection

• Also fourteen-day momentum has been positive since Jan. 20

• However the thick Ichimoku cloud supply should limit further recovery moves

• The daily cloud currently spans the 1.0384-1.0581 region

• We are short at 1.0400 in anticipation for a bearish resumption

• EUR/USD Trader . Previous update

Daily Chart:

(Martin Miller is a Reuters market analyst. The views expressed are his own)