Expanding bearish Ichimoku Cloud with rising Senkou Span A; a dead cross of Tenkan-sen and Kijun-sen and narrow channel of Tenkan-Kijun; the prices are under the Cloud and negative area, but there is a strong support on 1.0650/60.
As we can see on the one-hour chart, there’s a bearish impulse in wave (i). So, we could have wave (ii) in the short term.
The lower “Window” has acted as a support, so we’ve got a “Hammer” pattern, but its confirmation is a quite weak.
Trade scenarios for EUR/USD, GBP/USD and AUD/USD based on key option levels.
We’ve got a “Triple Bottom”, so the market is going to test the nearest resistance between the 34 Moving Average and the level 1.0732.
Wave (i) is going to end soon. So, if a pullback from 7/8 MM Level happens, there’ll be time for an upward correction.
There’s a support by the lower “Window”. Also, we’ve got a developing “Hammer”, but the last bearish “Three Methods” is still on the table.
On the daily chart, bulls failed to for an inverted "Head and shoulders" pattern…
Trade scenarios for EUR/USD, GBP/USD and AUD/USD based on key option levels.
The price is moving in a range between the levels 1.0678 – 1.0639. Also, there’s a “Pennant” pattern, so bears are likely going to test a support at 1.0600 – 1.0594.
Expanding bearish Ichimoku Cloud with falling Senkou Span A; a dead cross of Tenkan-sen and Kijun-sen; the prices are under the Cloud and negative area, but there is a strong support.
We assume that in the short-term the euro may go lower by the sheer force of gravitation…
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