Can you tell me the strategic direction of EURUSD?
It is very simple... BEARISH, until it's below the Kumo.
Can you tell me when the correction will happen? I doubt anybody can. Yes, I see there's a chance, but I saw it 2 times before, and what was oversold the, has become even more extremely oversold.
The only thing I can tell now looking at the charts, which levels can be the retracement targets.
Looking both at daily and 4 Hrs time frames:
A) 1,3080 (prev daily key support / resistance and 4 Hrs Kumo top + 100 WMA)
B) 1,3150-1,3200 (slightly above daily Kijun Sen, mid-top of daily regression trend, in line with 4 Hrs prev key supp / res line)
Still, I would not go long EURUSD. Why? Because the major trend is so obvious that probably the better risk-reard will be to re-load USD exposure and sell that spiky correction, IF that finally ever happens.
The retracement from current 1,2900 +/- level can take place only if we do not see a lower low on 4 Hrs chart. Then a possible small inverted H&S pattern could pressure some profit taking to a measured tgt of that 1,3050.
p.s.: pay attention, hard days and more volatile trading is ahead of us!
It is very simple... BEARISH, until it's below the Kumo.
Can you tell me when the correction will happen? I doubt anybody can. Yes, I see there's a chance, but I saw it 2 times before, and what was oversold the, has become even more extremely oversold.
The only thing I can tell now looking at the charts, which levels can be the retracement targets.
Looking both at daily and 4 Hrs time frames:
A) 1,3080 (prev daily key support / resistance and 4 Hrs Kumo top + 100 WMA)
B) 1,3150-1,3200 (slightly above daily Kijun Sen, mid-top of daily regression trend, in line with 4 Hrs prev key supp / res line)
Still, I would not go long EURUSD. Why? Because the major trend is so obvious that probably the better risk-reard will be to re-load USD exposure and sell that spiky correction, IF that finally ever happens.
The retracement from current 1,2900 +/- level can take place only if we do not see a lower low on 4 Hrs chart. Then a possible small inverted H&S pattern could pressure some profit taking to a measured tgt of that 1,3050.
p.s.: pay attention, hard days and more volatile trading is ahead of us!
