Bearish consolidation again, or can we see more pull back?
Daily:
- Ichimoku setup is bearish, but mkt got oversold as Price moved far below Kijun Sen and Kumo too quickly
- haDelta has built positive divergence. Lat two days Heikin Ashi candles gave a tipical bottom/reversal signal, Today green candle and HA Oscillator switch confirms consolidation or a possible pull back.
- Can we see more corrective upside move to 1,0950-1,10 or just same few days bearish consolidation as ard 30/October?
4H:
- Ichimoku is turning back to neutral: Price above Kijun, Chikou hit past candles, weak bullish Tenkan/Kijun cross and some minor Kumo shade over price ahead.
- Heikin Ashi can keep bullish bias if smoothed haDeéta stays above zero, means if candle doesn't break back below Kijun Sen
- However there is still some chance to see similar action as of Oct/Nov (prev. ellipse)
We don't know yet wether a correction can be stronger this time, but I think it has higher chance than last time as:
- Market got a lot more short in EURUSD since then, espec due to continous jawbone from Draghi. Technical picture was/is more oversold.
- All possible bearish news are out and well known: hike in December from FED, and super giga-mega-omega stimulus from ECB -> expectations very high
- FED officials yesterday I think tried to chill market expectations. Even major hawks talked dovish.
(I started to doubt December hike again, but this doesn't matter, only price action does :-)
A maximum 0,5 risk unit swing long with 1,0690 stop makes some sense.
- Ichimoku setup is bearish, but mkt got oversold as Price moved far below Kijun Sen and Kumo too quickly
- haDelta has built positive divergence. Lat two days Heikin Ashi candles gave a tipical bottom/reversal signal, Today green candle and HA Oscillator switch confirms consolidation or a possible pull back.
- Can we see more corrective upside move to 1,0950-1,10 or just same few days bearish consolidation as ard 30/October?
4H:
- Ichimoku is turning back to neutral: Price above Kijun, Chikou hit past candles, weak bullish Tenkan/Kijun cross and some minor Kumo shade over price ahead.
- Heikin Ashi can keep bullish bias if smoothed haDeéta stays above zero, means if candle doesn't break back below Kijun Sen
- However there is still some chance to see similar action as of Oct/Nov (prev. ellipse)
We don't know yet wether a correction can be stronger this time, but I think it has higher chance than last time as:
- Market got a lot more short in EURUSD since then, espec due to continous jawbone from Draghi. Technical picture was/is more oversold.
- All possible bearish news are out and well known: hike in December from FED, and super giga-mega-omega stimulus from ECB -> expectations very high
- FED officials yesterday I think tried to chill market expectations. Even major hawks talked dovish.
(I started to doubt December hike again, but this doesn't matter, only price action does :-)
A maximum 0,5 risk unit swing long with 1,0690 stop makes some sense.
