It has a nice run since the bearish break of the trendline and the Kumo, but here we need to be a bit cautious with shorts, maybe wise bears should take partial profit.
Daily: Ichimoku setup is strategic bearish now, so as general rule we'll have to look for sell signals if a correction happens. A short term correction from here upto Kijun Sen is not impossible. Slow Stoch has been oversold and seems turning up a bit, MACD is moving in line with Slow Stoch, may give a buy signal appr. same time. We need to watch these indicators, as when they signal a change together, those signals can be pretty strong and reliable. ADX has a very high level too, which tells us this bearish trend has been really strong, but most often at these high ADX readings trends have some kind of pause or pull back.
4 Hrs: Bearish of course, but here we see the opposite of ADX. It has been decreasing, and DMI lines got close to each other. The Kumo is still thick and far from Price, but looking at recent price action, we may have a small inverted H&S developing here. This baby pattern is so small, that it can not have a larger measured tgt than 1,6650. Still, looking at this and Chikou Span hitting the candles soon, a minimum correction to 1,6650-1,6680 is possible.
For a real counter trend move towards the 1,6800 daily support, we would need a lot more. Even if that happens later, currently I can not see further than this 1,6650.
p.s.: 1 Hr time frame I do not attach, but Px trades above the Kumo there, still needs clearing of 1,6590 for small bullish confirmation.
p.s.2.: I checked EURGBP, which has enterred bearish trend again on 4 Hrs time frame. The case from now is EURUSD, in which I expect some pull back towards 1,3300 levels too. In this case, the Cable correction will be more likely.
Daily: Ichimoku setup is strategic bearish now, so as general rule we'll have to look for sell signals if a correction happens. A short term correction from here upto Kijun Sen is not impossible. Slow Stoch has been oversold and seems turning up a bit, MACD is moving in line with Slow Stoch, may give a buy signal appr. same time. We need to watch these indicators, as when they signal a change together, those signals can be pretty strong and reliable. ADX has a very high level too, which tells us this bearish trend has been really strong, but most often at these high ADX readings trends have some kind of pause or pull back.
4 Hrs: Bearish of course, but here we see the opposite of ADX. It has been decreasing, and DMI lines got close to each other. The Kumo is still thick and far from Price, but looking at recent price action, we may have a small inverted H&S developing here. This baby pattern is so small, that it can not have a larger measured tgt than 1,6650. Still, looking at this and Chikou Span hitting the candles soon, a minimum correction to 1,6650-1,6680 is possible.
For a real counter trend move towards the 1,6800 daily support, we would need a lot more. Even if that happens later, currently I can not see further than this 1,6650.
p.s.: 1 Hr time frame I do not attach, but Px trades above the Kumo there, still needs clearing of 1,6590 for small bullish confirmation.
p.s.2.: I checked EURGBP, which has enterred bearish trend again on 4 Hrs time frame. The case from now is EURUSD, in which I expect some pull back towards 1,3300 levels too. In this case, the Cable correction will be more likely.