EURUSD | Walking on a Cloud
Pure technical analysis.
Dynamic support broken in August, dynamic resistance broken on October 23'.
Due to Ichimoku Cloud indicator, we are still in bullish trend of high volatility, BUT! Price is inside the cloud, which means that for now, market is undecided about further direction. Conversion (Orange) and Base (Grey) lines are above the price action (Bearish signal). Upper breakout of the cloud was rejected and price was pushed inside again.
For now, retest of dynamic support and previous low (weak) at 1.04416 is in favor.
0.382 fibo from September 22' at 1.06108 and 0.5 fibo at 1.0406.
Volume since July in strong favor of bears.
Feel free to share your thoughts!
Dynamic support broken in August, dynamic resistance broken on October 23'.
Due to Ichimoku Cloud indicator, we are still in bullish trend of high volatility, BUT! Price is inside the cloud, which means that for now, market is undecided about further direction. Conversion (Orange) and Base (Grey) lines are above the price action (Bearish signal). Upper breakout of the cloud was rejected and price was pushed inside again.
For now, retest of dynamic support and previous low (weak) at 1.04416 is in favor.
0.382 fibo from September 22' at 1.06108 and 0.5 fibo at 1.0406.
Volume since July in strong favor of bears.
Feel free to share your thoughts!
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