CapMoore

Trendline Holds Support. Possible Test of Weekly PP @1,1350

FX:EURUSD   Euro Fx/U.S. Dollar
45 0 0
Price stands at the 50% fib of the August upswing and has found
support by the trendline, from the same move up. Resistance
stands at 1,1350 (above Daily R2 at 1,1310) which is the Weekly
Pivot Point and the current Kijun Sen (white line). Slightly above
stands the Kumo Cloud and the 38,2 fib of the Aug leg up.
1,1365-80. Thus 1,1350-80 creates a strong intraday resistance
zone, which is likely to hold at a first test. Below as support
stands the trendline and 61,8 fib 1,1180-1,12ish.
Direction is unclear, since price has returned to it's multi month
range after the spike to 1,17 level. Still, as long as the trendline
holds (and the early Aug top supports) some bullish prospects
still remains. Price often likes to trade the Weekly PP, so we might
see that here too. Big economic releases this week, will probably
keep price action obscure, but with a dovish dollar scenario
(no rate hike and a dissapointing NFP) there are good chances
for another rally and perhaps a completion of the ABCD pattern that
can be seen on the daily timeframe .
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