Important moment for the EURUSD cross as momentum dries up!
It is an mportant moment for the EURUSD cross. After a sustained rally against the Dollar, the Euro’s relentless price action has cooled slightly. We see a few paler blue GoNoGo Trend bars, indicating the environment, while still a “Go” is slightly less *bullish.
We also see a short term counter correction red arrow, signaling in the short term a consolidation/pullback could occur.
On the GoNoGo Oscillator, we see that it is is very close to zero. Positive momentum has faded.
We would need to see the zero line hold as support for the oscillator and a rally back into positive territory to be confident that the Go trend in price will persist.
What are the GoNoGo Indicators?
The GoNoGo Trend indicator blends traditional trend concepts to color price action according to the strength of its trend. The colors range from *bright blue (strongly *bullish) to dark *purple (strongly *bearish)
The GoNoGo Oscillator blends traditional *momentum concepts to demonstrate the velocity of price action. The oscillator ranges from -6 (extremely *oversold) to +6 (extremely *overbought)
We also see a short term counter correction red arrow, signaling in the short term a consolidation/pullback could occur.
On the GoNoGo Oscillator, we see that it is is very close to zero. Positive momentum has faded.
We would need to see the zero line hold as support for the oscillator and a rally back into positive territory to be confident that the Go trend in price will persist.
What are the GoNoGo Indicators?
The GoNoGo Trend indicator blends traditional trend concepts to color price action according to the strength of its trend. The colors range from *bright blue (strongly *bullish) to dark *purple (strongly *bearish)
The GoNoGo Oscillator blends traditional *momentum concepts to demonstrate the velocity of price action. The oscillator ranges from -6 (extremely *oversold) to +6 (extremely *overbought)
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