Mixed Outlook With Important Levels to Watch

FX:EURUSD   Euro/U.S. Dollar
82 0 2
On the daily timeframe trend has turned neutral as price is
trading inside the cloud. A Head & Shoulders pattern has been
formed, but it is perhaps not an ideal pattern since it doesn't
appear at the bottom of a longer trend but rather after a sharp
candle to the upside.

Another tendency here, is the sharp bounce off of the lower
Kumo Cloud (Strong rejection) which may warn of more upside, either
with a test of Weekly, R1 (The Weekly PP traded Pre Europe
opening) or the upper Kumo Cloud, around the high of the Head around
1,1020-60. Weekly and Monthly trend is bearish which gives some
more confidence in placingshort entry orders by the Weekly pivots , and
perhaps quickly remove the risk, becuase of the neutral trend
with risk for whipsaws.

On the downside, below the Kumo Cloud, Monthly S1 stands at
1,0814, a natural target in a neutral enviroment.
Bears should wait for a daily close below the Kumo Cloud (Giving a
Break Out sell signal) and a close below the Kijun Sen (White
equilibrium line). Such a close would likely spur more downside and
chances of a test of the multi year low. Trend has turned bearish on the
MACD indicator though, adding more pressure to the downside. Current
overnight bounce up, with a long wick formed, looks like bullish dynamic
pressure. Price needs to breach the 1,08-1,10 range for more clarification.
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