Last week saw a lack of continuation after price broke above the Cloud on
the back of a bullish twist of the projected Cloud. The PA is not in line with a
natural bullish resumption of a trend after a pullback. The false breakout signal
last week may partly be explained by it happening right before the NFP report,
creating uncertainty and lack of commitment. If price
again close above the Cloud, it suggests a taking out of current top at 1.1962
and with further upside along with the trend. With a bullish close today
a morning star candle stick pattern will be formed, another bullish sign.
This pattern can be traded in itself ofcourse.
Bears should wait and see how price behaves by the upper Cloud but
need a close below the Hammer and price establishing itself below the Cloud
for more downside conviction.
the back of a bullish twist of the projected Cloud. The PA is not in line with a
natural bullish resumption of a trend after a pullback. The false breakout signal
last week may partly be explained by it happening right before the NFP report,
creating uncertainty and lack of commitment. If price
again close above the Cloud, it suggests a taking out of current top at 1.1962
and with further upside along with the trend. With a bullish close today
a morning star candle stick pattern will be formed, another bullish sign.
This pattern can be traded in itself ofcourse.
Bears should wait and see how price behaves by the upper Cloud but
need a close below the Hammer and price establishing itself below the Cloud
for more downside conviction.