Will EUR/USD continue to rally or will the buyers be satisfied?
- Mixed trends in terms of Ichimoku, with a long term down trend continuing (below the cloud), a neutral market in the medium term time frame (at the Kijun Sen) and bullish in the short term time frame (above the Tenkan Sen).
- The Chikou Span sontinues to favor negative momentum (below corresponding price activity).
- 1st Time frame up trend continues in a strong rally off solid support at 1.13045
- Mean reversion back to the Kijun Sen at 1.1526 is now complete
- The question now is - "Will this rally now suffice and will the sellers return?"
- Importantly, there was a confluence of potential resistance at the Fibonacci 50% retracement target, the Tenkan Sen and the resistance level of 1.1465 but the buyers showed great strength to breakout above there with solid commitment.
- There has been a small loss of commitment at the Kijun Sen with the EUR/USD unable to close above that level
- It will be a crucial area and a bullish breakout above there could see a move to the 100% Fib target at 1.16282
- The Chikou Span sontinues to favor negative momentum (below corresponding price activity).
- 1st Time frame up trend continues in a strong rally off solid support at 1.13045
- Mean reversion back to the Kijun Sen at 1.1526 is now complete
- The question now is - "Will this rally now suffice and will the sellers return?"
- Importantly, there was a confluence of potential resistance at the Fibonacci 50% retracement target, the Tenkan Sen and the resistance level of 1.1465 but the buyers showed great strength to breakout above there with solid commitment.
- There has been a small loss of commitment at the Kijun Sen with the EUR/USD unable to close above that level
- It will be a crucial area and a bullish breakout above there could see a move to the 100% Fib target at 1.16282
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