Daily Study With Levels And Trading Ideas

FX:EURUSD   Euro / U.S. Dollar
53 0 2
Strong resistance today stands at the 1,0970 level which is the
lower Kumo Cloud/38,2 Fib/Channel confluence.

Below that we have the Monthly R1 at 1,0890 and Weekly PP
at 1,0910 resistance zone .
The MACD indicator is about to put in a bearish cross, with the
histogram moving below the zero line.

Compare with the Weekly Study, were two different Bearish Signals
are in play, one could look for opportunities to go short on this
bounce off of the 1,08 level, either by looking for intraday weakness
in the above mentioned resistance levels or with a break below
the thursday low 1,0802.

Kijun Sen stands just below the thursday low at 1,0790.
A more conservative approach playing the downside is to wait for a
close below the Kijun Sen, 1,0790. Looking at the big candle from
Dec 3, this may perhaps be a good idea, since this momentum is
still lurking in the PA and affecting traders on Daily timeframe . A test of
the Weekly PP would also be a test of the breakout level of the marked
channel of the Flag. This could also be the level of a right shoulder in
a H & S Pattern.

Bulls would like to see a close inside the Kumo Cloud or a test and bounce
off the Daily Kijun Sen (white line) at 1,0790, which would signal strong
buyer interest and possible further upside. Below that stand the
Monthly PP at 1,0723.

Note that the two red circles at the top, marks the retest of the breakout level
of Weekly Bear Flag Pattern (See Weekly Study)
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