CapMoore

Price Consolidating Within The Kumo Cloud After Gapping Lower

FX:EURUSD   Euro Fx/U.S. Dollar
176 0 0
Price gapped lower on sunday open and has since
found some support at the lower Kumo Cloud Support
and the Weekly S2. A sharp bounce, some 150 pips, has
taken price back to the Monthly PP at 1,1090, and almost
reached the Kijun Sen at 1,1127(to fill the gap).
The range 1,0820-1,1470 is holding PA. A Monthly close
around the Monthly PP may suggest further consolidation
next month (on higher timeframe), but on daily timeframe this
may still give tradingopportunities. Since price has entered
the cloud, bias is now neutral on daily timeframe . A close
above the cloud will give a buy signal, but the Greece
situation, will still make it hard to sit on a position over next
weekend (due to large gaps). For this reason, it looks more
preferable to look for trades on lower timefram (H4 or H1).
1,1145 is the daily reisistance (Kumo Cloud) above the Kijun 1,1127.
Next resistance is the Weekly PP and Trendline at 1,1230-45.
Looking at the Projected Kumo Cloud, a break and close below the Cloud
will not give a valid sell signal at this point, which also adds
strength to the current low as support. Renewed fear around
Greece, short term trades would aim for the lower Kumo Cloud
and current lows.
The ABCD pattern is still not erased. Only a breaching of 1,0817 will erase it.
Thus, 1,1775 is still in play, even if price is looking heavy.
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