Kumowizard
Long

EURTRY - Bullish swing will likely extend

FX:EURTRY   Euro Fx/Turkish New Lira
81 1 1
Daily: From the hammer candle at the channel low the bearish momentum continues to switch to rather bullish .
MACD gave a buy signal, DMI             lines closed in, Slow Stoch has been ticking higher. Flat Kijun Sen and flat Senkou B, both at 2,84 will likely attract the Price. It looks like the chance of a bullish swing to reach higher price again within the otherwise slightly bearish trend channel is increasing.

4 Hrs: Not yet a valid bullish Kumo break, but chances are better for further bullish move. Tenkan/Kijun cross is meadium to strong bullish , Chikou Span is above Price candles. Price is trading above Kumo, Kijun and 100 WMA. Future Kumo mad a bullish cross ( bullish Senkou cross). However the momentum is still too low, ADX is much below 20 with zig-zag DMI             , also Slow Stoch is confusing a bit.
For those who has not closed previous shorts is wise to close them for now. Price retested Kijun sen today, theoretically this is a good long entry point, but be careful, as if the momentum doesn't pick up soon, the deep negative cost of carry can kill your long position quite soon.
Tgts are: 2,84 or 2,86
pmks1
2 years ago
yes, i agree. Basically i only short that pair, due to the carry .. Thanks for a good analysis.
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