DTFXTrading

EURUSD Heading to 1.2000?

Short
FX:EURUSD   Euro / U.S. Dollar
From my Perspective - things still look very bearish . Are we heading to 1.2000

Weekly Observations:

1) Price remains well below the cloud
2) Weak-form bearish cross from August 2011 is still in place
3) Price has failed to breach Kijun resistance since October 2011
4) Future cloud is bearish and has resumed a downward trend following a flat-top
5) Chikou is below price and in open air with the next major support level at 1.2000
6) ADX is strong and rising suggesting the trending environment will continue
7) Price is making lower lows and lower highs - classic ABCD pattern

Daily Observations:

1) Prices remain below the cloud
2) Recent strong-form cross still holds
3) Temporary retracement expected due to flat Kijun and Tenken having drifted too far
4) Future cloud is thick and bearish
5) Chikou below price and in open air
6) Expected retracement to Kijun before resuming a trend to 1.2000
7) ADX is favourable for trend to resume

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