Kumowizard

Reduce shorts, bearish momentum can drop at weekly resistance!

FX:EURCAD   Euro / Canadian Dollar
82 0 4
It was a nice move, but some pull back is possible.

Weekly:
- Ichimoku setup has turned somehow back to neutral, but it still has bullish bias. Most importantly Price reacehd a very important support/resistance level ard             1,42+, where we have future Senkou B (52 weeks average), 100 WMA , and also previous horizontal breakout level. Lower we also have a stronger support/resistance zone at 1,39-,40.
- Heikin Ashi signal is still bearish , but there was no lower low this week. haDelta may cross back up and retest zero line -> possible correction to 1,45-1,46
- Long time to go until December, when ECB will or will not announce more easing. Anyway, pretty much of more rate cut and/or QE has been priced into recent Euro             slide.

Daily:
- Ichimoku setup is bearish , with supports at 1,4380 / 1,4550 / 1,4675. Chikou Span below pas Kumo now.
- Heikin Ashi shows some loss of bearish momentum: no lower low in last twoo days, smoothed haDelta has some positive divergence, but it is still located below zero line.
- If 1,42 proves to be a resistance and a corrective wave starts, pull back tgt             can be 1,45-1,46 area.

Strategy: Reduce shorts, or sell covered Put options. If correction happens, look for sell signals at daily bearish support at 1,45-1,46 area.
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