For a few weeks this pair was unable to break lower despite very nice bearish Ichimoku setup. Yesterday it the momentum reversal has become clear.
Weekly:
- Ichimoku setup is bearish, but price got very far below Kijun Sen. A retracement will be likely.
- Heikin-Ashi starts to give signals of consolidation/pull back this week: long wicked doji + haDelta crosses above its SMA3
- EWO is bearish but value ticks little higher.
- MACD histogram ticks higher too.
Daily:
- Price failed at failed 1,3850 resistence for the second time since December. -> we can have a double bottom or a "W" pattern formation here
- Ichimoku is drifting towards neutral. Thick Kumo cloud ahead (1,4120 - 1,4544). Possible upper supp/res levels are: 1,4315 and 1,4550 (also a weekly bearish support)
- Heikin-Ashi reversal happened yesterday with strong momentum. We'll likely see more follow through.
- EWO and MACD spikes up, targetting their neutral zone
We have an excellent swing bullish setup here with possible price targets to 1,4315 or even 1,4544.
For now that's it. Strategic picture can remain bearish based on weekly (until price is below weekly Kijun), but for a few weeks we may see pull back into and trading in the daily Kumo cloud.
Weekly:
- Ichimoku setup is bearish, but price got very far below Kijun Sen. A retracement will be likely.
- Heikin-Ashi starts to give signals of consolidation/pull back this week: long wicked doji + haDelta crosses above its SMA3
- EWO is bearish but value ticks little higher.
- MACD histogram ticks higher too.
Daily:
- Price failed at failed 1,3850 resistence for the second time since December. -> we can have a double bottom or a "W" pattern formation here
- Ichimoku is drifting towards neutral. Thick Kumo cloud ahead (1,4120 - 1,4544). Possible upper supp/res levels are: 1,4315 and 1,4550 (also a weekly bearish support)
- Heikin-Ashi reversal happened yesterday with strong momentum. We'll likely see more follow through.
- EWO and MACD spikes up, targetting their neutral zone
We have an excellent swing bullish setup here with possible price targets to 1,4315 or even 1,4544.
For now that's it. Strategic picture can remain bearish based on weekly (until price is below weekly Kijun), but for a few weeks we may see pull back into and trading in the daily Kumo cloud.