Just as on daily chart, price has been unable to close above the
Kijun Sen (white equilibrium line). Critical for todays weekly
close is just that. If we see a close above 1,0997, we may expect
some more upside in the week ahead. The weekly high was set at
the Tenkan Sen (red line), after which price fell rather sharply.
The low from 25th may was taken out with some ten pips on the
20th July. Small clues that may point to a bearish trend resumption.
For more conviction, price needs to close below 1,08, but as
long as it is unable to close above the Kijun Sen, the downside is
favoured. The lagging span is still below price (purple line)
but the bullish TK cross, reflects the prolonged consolidation, and adds
to the mixed picture.
Kijun Sen (white equilibrium line). Critical for todays weekly
close is just that. If we see a close above 1,0997, we may expect
some more upside in the week ahead. The weekly high was set at
the Tenkan Sen (red line), after which price fell rather sharply.
The low from 25th may was taken out with some ten pips on the
20th July. Small clues that may point to a bearish trend resumption.
For more conviction, price needs to close below 1,08, but as
long as it is unable to close above the Kijun Sen, the downside is
favoured. The lagging span is still below price (purple line)
but the bullish TK cross, reflects the prolonged consolidation, and adds
to the mixed picture.
