Short Term bounce for EUR/USD?
- 1st time frame trend is down
- Bearish Ichimoku trends in all three time frames
- Looking oversold vs Tenkan Sen, Kijun Sen and Ichimoku cloud
- Due for a mean reversion bounce to at least the TS at 1.1465
- Strong support found today at previous resistance at 1.13045
- Rejection has been strong with a distinct lack of acceptance of price at that level as evidenced by the strong shadow at the bottom of the candle
- Buyers closed the session with control by closing towards the high
- Sellers have lost control and the strong net momentum they had from the previous day
- Strong opportunity for a mean reversion the to TS and previous resistance area at 1.1467
- 50% Fibonacci retracement at that area suggests it could be a significant area of resistance to upside activity
- Bearish Ichimoku trends in all three time frames
- Looking oversold vs Tenkan Sen, Kijun Sen and Ichimoku cloud
- Due for a mean reversion bounce to at least the TS at 1.1465
- Strong support found today at previous resistance at 1.13045
- Rejection has been strong with a distinct lack of acceptance of price at that level as evidenced by the strong shadow at the bottom of the candle
- Buyers closed the session with control by closing towards the high
- Sellers have lost control and the strong net momentum they had from the previous day
- Strong opportunity for a mean reversion the to TS and previous resistance area at 1.1467
- 50% Fibonacci retracement at that area suggests it could be a significant area of resistance to upside activity
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