EURUSD - 4 Hrs consolidation, difficult play
- 3 higher lows
- weak bullish Tenkan/Kijun cross
- Price trades in thin range below Kumo, and around Kijun Sen
- Kumo is thick above Price and 1,2605-15 is a strong support with horizontal line and bearish trendline
- ADX too low with no DMI indication
- ROC bearish momentum disappears, but no buy signal yet
Summary: As you see the cross started to consolidate, at this point very difficult to decide which direction it will move next. For a possible counter trend long it should first break above 1,2515, but to be able to build a sustainable bullish momentum, the most important key level to break is 1,2605.
1,2605-20 range is extremely important, as there is the daily Kijun Sen line and the upper band of the possible bullish wedge.
I think those who are looking for a bullish trade still have to wait for more signals. Today's price action clearly shows mkt is looking for new impulse and undecided about direction. In case you any time open a long, the initial stop has to be placed ard 1,2410.
- weak bullish Tenkan/Kijun cross
- Price trades in thin range below Kumo, and around Kijun Sen
- Kumo is thick above Price and 1,2605-15 is a strong support with horizontal line and bearish trendline
- ADX too low with no DMI indication
- ROC bearish momentum disappears, but no buy signal yet
Summary: As you see the cross started to consolidate, at this point very difficult to decide which direction it will move next. For a possible counter trend long it should first break above 1,2515, but to be able to build a sustainable bullish momentum, the most important key level to break is 1,2605.
1,2605-20 range is extremely important, as there is the daily Kijun Sen line and the upper band of the possible bullish wedge.
I think those who are looking for a bullish trade still have to wait for more signals. Today's price action clearly shows mkt is looking for new impulse and undecided about direction. In case you any time open a long, the initial stop has to be placed ard 1,2410.
