Recap on the EUR/USD big picture:
Bullish signs:
- Possible ascending triangle
- Weekly "up" channel
- Monthly "up" trendline/channel
- 38.2 retracement of last big move down not yet reached...
Bearish signs:
- Possible bearish flag pattern
- Bearish MA's
Possible patterns to keep in mind:
- Bullish cypher (pink)
- Bearish bat (blue)
(- Bearish bat (orange))
CONCLUSION:
Currently still neutral on this timeframe.
However, we could be on our way to a second inside week now if the FOMC meeting minutes or initial jobless claims on Thursday don't give us any surprises...
This does mean that we can be looking at possible breakout trades from the yellow box I drew on the chart.
The boundaries of that box are 1.1100 below and 1.1330 above. Mind you that a possible breakout can be short-lived because of the possible ascending triangle boundaries above and below. It could however give us clues on where PA will take us next!
I will again be looking for possible setups only on smaller timeframes.
Bullish signs:
- Possible ascending triangle
- Weekly "up" channel
- Monthly "up" trendline/channel
- 38.2 retracement of last big move down not yet reached...
Bearish signs:
- Possible bearish flag pattern
- Bearish MA's
Possible patterns to keep in mind:
- Bullish cypher (pink)
- Bearish bat (blue)
(- Bearish bat (orange))
CONCLUSION:
Currently still neutral on this timeframe.
However, we could be on our way to a second inside week now if the FOMC meeting minutes or initial jobless claims on Thursday don't give us any surprises...
This does mean that we can be looking at possible breakout trades from the yellow box I drew on the chart.
The boundaries of that box are 1.1100 below and 1.1330 above. Mind you that a possible breakout can be short-lived because of the possible ascending triangle boundaries above and below. It could however give us clues on where PA will take us next!
I will again be looking for possible setups only on smaller timeframes.
