EurUsd Facing Kumo Cloud Resistance

FX:EURUSD   Euro Fx/U.S. Dollar
49 0 0
Price has tested the Kumo Cloud and, as expected in a bearish trend , fails to enter it
at first attempts, Still no close inside it.
First level on the downside is the Kijun Sen at 1,1115
and further down is the trendline of the flag pattern .
A weekly close below the Kijun Sen (whtite line) will open up
for further losses. And a break of the flag along with a close below, will add to downside bias.
The monthly range 1,08-1,15 is still intact, and with dampened
rate hike expectations from FED, the range may hold up for
even longer.
On the upside, above the lower Kumo Cloud, target of the ABCD pattern is still in play,
since it was missed at the Aug spike with about 100 pips. The invalidation of the pattern
stands at 1,08 at the July swing low.
A weekly close below the monthly PP at 1,1187, will increase the signs of weakness
for the coming week. The Weekly S1 stands at 1,08 sharp.
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