This currency pair can’t seem to make up its mind. I’ve been watching EUR for a few weeks waiting for momentum to give us a clue as to its next move. The GoNoGo Oscillator has been riding the zero line for all of April. Typically, when the oscillator spends a long time at zero the next significant move is powerful. The GoNoGo oscillator hits zero when momentum across all inputs is neutral. As we know, after a squeeze in volatility
we are likely to see a breakout.
Today, after several neutral amber bars, the GoNoGo Trend indicator has renewed its “NoGo” trend. If the GoNoGo Oscillator can confirm this with a significant break into negative territory then we would expect a move to at least test the March lows.