EURUSD - If breaks above 1,0645, it can retest 1,0750 - 1,0800
Daily:
- Massive downtrend, but short term bit oversold
- Bearish supports are: Kijun at 1,0990, and the Kumo area 1,1200 - 1,1430 (strong support
- Heikin Ashi suggests
- possible consolidation or pull back to happen
4H:
- Bearish trend until Price is below the Kumo
- Heikin Ashi shows short term undecision (morning selloff faded), haDelta corsses above SMA3, the cross happens above zero line. Pull back to Kijun or trendline is possible (area of 1,0750-1,0800).
1H:
- Neutral Ichimoku setup as Price trades in the Kumo cloud and Chikou hits Price candles. Tenkan and Kijun are also located in the Kumo -> Price has been trading at very short term equilibrium. Range is 1,0575 - 1,0645. A break above Kumo (1,0640) could bring more bullish acceleration, sending Price above yesterday high
- Heikin Ashi is neutra, but if current candle closes green, haDelta will move further up and then bias changes to bullish
Looking at the pace of last one week selloff, I'd only play the upside break for a swing Long trade. As the cross is very much oversold on daily (also on weekly) time frame, the lower break and further short position would have limited profit potential from this level.
So it is neutral now, but time to watch 1H px action and possible bullish Kumo breakout. Important for both bears to reduce short exposure and for swing traders who try to enter long position.
- Massive downtrend, but short term bit oversold
- Bearish supports are: Kijun at 1,0990, and the Kumo area 1,1200 - 1,1430 (strong support
- Heikin Ashi suggests
- possible consolidation or pull back to happen
4H:
- Bearish trend until Price is below the Kumo
- Heikin Ashi shows short term undecision (morning selloff faded), haDelta corsses above SMA3, the cross happens above zero line. Pull back to Kijun or trendline is possible (area of 1,0750-1,0800).
1H:
- Neutral Ichimoku setup as Price trades in the Kumo cloud and Chikou hits Price candles. Tenkan and Kijun are also located in the Kumo -> Price has been trading at very short term equilibrium. Range is 1,0575 - 1,0645. A break above Kumo (1,0640) could bring more bullish acceleration, sending Price above yesterday high
- Heikin Ashi is neutra, but if current candle closes green, haDelta will move further up and then bias changes to bullish
Looking at the pace of last one week selloff, I'd only play the upside break for a swing Long trade. As the cross is very much oversold on daily (also on weekly) time frame, the lower break and further short position would have limited profit potential from this level.
So it is neutral now, but time to watch 1H px action and possible bullish Kumo breakout. Important for both bears to reduce short exposure and for swing traders who try to enter long position.
