Kumowizard
Long

Bullish biased again. Watch major trendline!

FX:EURUSD   Euro Fx/U.S. Dollar
682 2 12

Weekly:
- Ichimoku setup is more neutral, Chikou hit past candles. Price still stuck between Tenkan and Kijun. Tenkan/Kijun is still weak bullish
- Channel shows a bullish bias
- Heikin Ashi candle this week again shows undecision, but compared to last week this undecision is rather "bullish biased". This is also reflected in haDelta/SMA3: still above zero line, positive trend, may cross up again.

Daily:
- Ichimoku setup is trying to turn bullish again from neutral: for first bullish confirmation Price needs to cross back above Kijun Sen. Price is back to equilibrium level (trades at Kijun and future Senkou B line)
- 1,1100 support at Kumo and 100 WMA proved to strong. Heikin Ashi signal has been increasingly bullish in last 3 days.
- Watch the major bearish trendline!!! I tried to draw it as precise as possible, matcjing daily peaks.
Las time it proved to be a false break. However next spike above 1,1350 would mean an obvious end to the long term major down trend.

Of course FED FOMC will decide if it breaks out on the top side.

Looking purely at the technical picture, Bulls chances are lot better right now. Bears could take control back only below 1,10!

p.s.: I am 1 trade unit long (partially outright, partially through 1,14 October Long Calls. I would increase to 3-4 risk units if we get a confirmation above 1,1350!
Killy_Mel
a year ago
I think it is.. traderd it yesterday!)

FX CHART OF THE DAY: EURUSD BREAKOUT TRADE

Reply
Nice, I went short but stopped at BE, might validate that trendline indeed, before retracing further.
Ultimately it's likely to see a rebound and a larger rally ensue if we were to go down soon.
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