CapMoore

1,0750 Confluence Support In Focus

FX:EURUSD   Euro Fx/U.S. Dollar
89 0 0
Price has failed to find support by the trendline and Kumocloud and
has breached the Yearly S2 again at 1,0833. Bears are trying
to put in a bearish monthly close below Yearly S2.
Currently, trading inside the cloud and we may see a test
of the lower Kumocloud support/Weekly S1 and the 61,8
fib retracement of whole upswing from multiyear low, at
1,0740-50. A smaller ABCD is completed by the Monthly S3/
daily S3 around 1,07. The testing of Weekly S1 will be
important for short term trend. A weekly close below will
imcrease chances for a resumption of the bear trend.
The projected kumocloud is still bullish wish adds strength
to the lower kumo support level. Also retail sentiment
remains weakly net bearish , giving an additional bullish bias short term.

A Monthly close above yearly S2 and daily pp can be the
start of an attempt to breach the kumocloud and complete
the larger ABCD at 1,12.
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