Critical juncture for EURUSD on the GoNoGo Chart

7 thg 7, 2020

When analyzing the Euro, GoNoGo charts shows the currency at a critical point.
The “Go” trend that has seen a nice rise since the end of May has been consolidating sideways for several weeks.
The GoNoGo Oscillator is riding the zero line, and we see a lengthy Squeeze. 
It is a waiting game to see whether the Euro strengthens or weakens against the Dollar.
If the GoNoGo Oscillator can bounce off zero and rally out of the squeeze then price may well appreciate to test the high that was signaled by the GoNoGo short term correction arrow on June 11th.
If the GoNoGo Oscillator falls and stays below zero, then the “Go” trend would be threatened.


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)