Kumowizard

EURUSD - What's next? Down again or correction?

FX:EURUSD   Euro Fx/U.S. Dollar
356 0 4
We have NFP today, which will be a decisive trigger for further USD move. But datas worth no more than just to know when they are published. You can forget about assumptions based on possible data outcomes, the only thing that matter for technical analysts is positionning what mkt already has, and the Price action that happens after a data is published. So let's check technicals.

Daily: Ichimoku setup is still absolutely bearish . Among Ichimoku lines we don't see even a minor signal which would suggest a correction. Only at Slow Stoch and MACD we have some minor question marks. Maybe these indicators can point towards some consolidation, but not yet for a reversal.

4 Hrs: Here we still have a bearish trend , but some loss of momentum . Chikou Span got close to Price candles, DMI             lines closed in, ADX dropping. Price seems started some consolidation in 1,2600 - 1,2685 range. The key level for a possible reversal is now at 1,2700 - 1,2730, where we have 100 WMA, trendline, horizontal support, and Kumo. ALso this level is in line with daily Tenkan Sen. Only a break of trendline, the horizontat key level and the Kumo could bring some correction to EURUSD             . If someone buys below these levels it is just bottom fishing.

Strategy: Wait at least until NFP. Here I do not see any good opportunities at all.
As I have been writing about it for some time, I believe this USD rally is a bit too strong by now and we should see some correction at some point. But until we don't see it, we can't really play it in reasonable size.

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