Daily: Ichimoku Setup is bearish, so at some point we'll have to look at short opportunities again. But now other indicators and Price action suggests a correction is on the way.
Slow Stoch up, MACD buy signal. Price movement got blocked in the lower resistance zone. Couldn't even reach 1,3305 after ECB announcement.
4 Hrs: Double bottom, so no lower low. Price back to 100 WMA. ADX moved higher yesterday but turning down again. The momentum of downtrend loosing steam. DMI about to cross up. The Kumo is thin, with a flat forward Kumo, and Chikou Span lost open space, hitting Price wall actually. A trade above 1,3420 will open the way to correction upto 1,3520-1,3550 zone.
Reduce shorts if you have not yet done it. Final stop buy at 1,3420 if bid.
Slow Stoch up, MACD buy signal. Price movement got blocked in the lower resistance zone. Couldn't even reach 1,3305 after ECB announcement.
4 Hrs: Double bottom, so no lower low. Price back to 100 WMA. ADX moved higher yesterday but turning down again. The momentum of downtrend loosing steam. DMI about to cross up. The Kumo is thin, with a flat forward Kumo, and Chikou Span lost open space, hitting Price wall actually. A trade above 1,3420 will open the way to correction upto 1,3520-1,3550 zone.
Reduce shorts if you have not yet done it. Final stop buy at 1,3420 if bid.
