to a close a few pips above the Kumo Cloud, which was the first time
since Sep 30, 2016. The devil is in the details, especially in technical
analysis. For me it signals bear weakness. The Monthly is
attracting price of course and it is still untraded at 1.0633.
Currently price is retracing towards the Weekly at 1.0583.
A good scenario today or the coming few days would be for price
to test the Weekly , bounce and move to the Monthly PP . Then
with a dailly close above it we might see a sharper move up, with a clean
Kumo Cloud breakout signal in the back (with a projected cloud).
There is also a cross brewing today, which may add fuel to
an upward move.
What clues can be found in the USDOLLAR index?
Index attempted a false Kumo Cloud breakout and returned back into
territory. Weekly and further down Monthly PP are still untraded,
thus chances are that these levels will be tested, and that is EURUSD .
NFP on friday may always dampen price action and is not ideal for commiting
trades. Best is to watch the mentioned levels and play any bounces.