- HA candle has small red body. Weekly close will be likely below Kijun Sen. haDelta won't show too much change this week. - Ichimoku setup is in an early bearish phase: Price below thick Kumo, Tenkan/Kijun bearish, Tenkan and Senkou A point down. Bearish continuation needs a weekly low sub 1,3950. That would send a bearish confirmation with Chikou Span coming below Kumo too.
Daily: We have only see a neutral consolidation in whole February so far. This picture is still neutral, but we are close for a possible bearish Kumo break, so get ready for major short!
- The last bearish reversal attempt got blocked, Price spiked a bit, but looks like 1,4250 - 1,4300 is a firm resistance on the top side. Each last candle highs were lower. - Price, Tenkan and Kijun all in the Kumo, so is Chikou Span, which is in the past Kumo. Absolutely neutral picture with a thin support at 1,4080-1,4100 (Kijun Sen and Kumo bottom). - Heikin Ashi candle is again red, haDelta crosses down SMA3 below zero line. HA Oscillator turns bearish too.
If you set up a short with break below 1,4080, targetting 1,3500 and placing a protective stop above Kumo and recent candle top (ard 1,4250) provides a a 1:3,3 risk/reward ratio. Position should be sized up below 1,3950 in line with weekly horizontal break.
p.s.: the Euro is doomed anyway... either Grexit, or the ECB will do the job. Actually I feel more comfort to short EUR ag. CAD, NOK and AUD rather than ag. USD at these relative valuation levels.
Comments
Kumowizard
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1,3500 first tgt zone almost reached. I decided to take profit on 2/3 of position at 1,3535, as EUR seems to be a bit oversold now.
Krio
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I really like your thinking about different Euro and US Dollar crosses, the way you suggest picking better relative values. Thank you very much!