Kumowizard

EURUSD - Turned neutral, bearish trend may end for now

FX:EURUSD   Euro Fx/U.S. Dollar
195 1 1
I am back from my 5 days break, and as I promised on Twitter ytday, I try to publish as many interesting charts today as I can. Let's start with EURUSD             .

Daily: Possible breakdown 5-6 days ago, but no follow through, 4 days ago we had a doji candle, just above the short term key resistance of 1,2630. Since then it has been ticking up. Mkt is waiting for the FED. To be honest I hate to bet on FED days, but frankly spkng technicals has changed a lot. Bears can be out of their comfort zoon soon again. DMI             got flatline, ADX collapsed, which means the trend is completely out of steam for now. It can still become sideaway, but looking at all other indicators this is the less likely scenario. MACD did not turn bearish , still pointing up. Slow Stoch turned bullish again.
IKH components: Tenkan is above Kijun (weak bullish ), Chikou Span hits price candles, that is a danger for bears too. The current Kumo is still thick so in case of a spike to 1,2950-1,3000 would likely be blocked initially. Upper key support now is 1,2830, lower as I wrote 1,2630. Somehow technically I gove more chance for a bullish move from here in short term.

4 Hrs: Price is trading in a triangle. We'll soon see a breakout. Two days ago it looked rather bearish , today it looks rather bullish . It means in fact it is trading neutral. DMI             is bullish , especially if ADX can climb above 20.
Price is in the Kumo, flipping around 100 WMA. Tenkan/Kijun is weak bullish , Chikou is above Price, but if we compare all to the Kumo, we know this set up at moment is neutral. All is calm before the storm. We have somehow more indication towards a bullish break. If I had to chose, I would be either neutral or small long. (In fact I am small long :-) ).
Levels to watch: 1,2750-60 on the top side. Break and close above will shoot a bullish start. Lower key is 1,2660 and most importantly 1,2630. If bears can not push price below that within next few days, they will bleed very quickly, which means we'll have 1,3000 in focus.

Do not forget: you must not anticipate anything. No one knows now which way it will move after FED announcement. It is not necessary to bet now, as entry should never be price dependent, it has to be always setup-up driven. It is a lot better to buy at higher price when you have a confirmed set-up suggesting a better risk/reward at that point for a long trade.
Kumowizard PRO
2 years ago
From the neutral 4Hrs pattern it broke down again. Now question is if bears can push and keep it below 1,2630-40 or not? If the do so, the bearish trend will have chance to resume. Other case is that we see more choppy sideaway with lot of noise.
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out