Price has broken above a Triangle Pattern after
putting in a Bullish Piercing Pattern. First minor
resistance stands at 1,2560 level. Major resistance
is the confluence of Monthly Pivot Point (yet untraded),
the Kijun line and horizontal resistance along with the
50% fib of latest leg down around 1,2620. Above that
is the 38,2 fib that stands close to lower Kumo Cloud
(at the beginning of the week) just below 1,27.
I think chances are good that at least the 1,2560 level
will be traded before any serious downward action.
UsdChf is at strong resistance and showing signs of
bouncing lower, thus supporting some relief in bearish
pressure in EurUsd, at least for some time ahead.
However, if UsdChf makes a bullish monthly close
above the critical 0,9680 level this may hint continuation
down in EurUsd (taking into account their high inverted
correlation).
putting in a Bullish Piercing Pattern. First minor
resistance stands at 1,2560 level. Major resistance
is the confluence of Monthly Pivot Point (yet untraded),
the Kijun line and horizontal resistance along with the
50% fib of latest leg down around 1,2620. Above that
is the 38,2 fib that stands close to lower Kumo Cloud
(at the beginning of the week) just below 1,27.
I think chances are good that at least the 1,2560 level
will be traded before any serious downward action.
UsdChf is at strong resistance and showing signs of
bouncing lower, thus supporting some relief in bearish
pressure in EurUsd, at least for some time ahead.
However, if UsdChf makes a bullish monthly close
above the critical 0,9680 level this may hint continuation
down in EurUsd (taking into account their high inverted
correlation).