EURUSD still bearish but with a potential retracement
Updated
EURUSD is still bearish on the WLY Timeframe. Last week the price closed at the level of a previous Kijun Sen Weekly in extension, thanks to Ichimoku you can really spot this levels that otherwise would look like the price stoped in the middle of nowhere..
Now this level is worked and with a weaker DXY (see tradingview.com/chart/DXY/v9P6h1YF-DXY-potential-for-correction/) we're probably looking at some correction, maybe to the DLY TS or KS, before resuming with the overall downtrend.
Two possible Target Profit level are market in the chart, the first one the next support formed by a WLY KS/SSB in extension.
An invalidation of this scenario would be if the price breaks the DLY KS upwards.
Here's the WLY Chart showing the overall downtrend in regards to the Ichimoku System :
Glossary :
TS = Tenkan Sen | KS = Kijun Sen | LS = Lagging Span/Chikou Span
DLY = Daily | WLY = Weekly | MLY = Monthly
TL = Trend Line | TP = Take Profit | SL/ INV = Stop Loss / Invalidation | TF = Timeframe
** THIS ANALYSIS IS MY OWN OPINION AND IS NOT A TRADING OR INVESTMENT ADVICE. ALWAYS TRADE WITH CARE **
Now this level is worked and with a weaker DXY (see tradingview.com/chart/DXY/v9P6h1YF-DXY-potential-for-correction/) we're probably looking at some correction, maybe to the DLY TS or KS, before resuming with the overall downtrend.
Two possible Target Profit level are market in the chart, the first one the next support formed by a WLY KS/SSB in extension.
An invalidation of this scenario would be if the price breaks the DLY KS upwards.
Here's the WLY Chart showing the overall downtrend in regards to the Ichimoku System :
Glossary :
TS = Tenkan Sen | KS = Kijun Sen | LS = Lagging Span/Chikou Span
DLY = Daily | WLY = Weekly | MLY = Monthly
TL = Trend Line | TP = Take Profit | SL/ INV = Stop Loss / Invalidation | TF = Timeframe
** THIS ANALYSIS IS MY OWN OPINION AND IS NOT A TRADING OR INVESTMENT ADVICE. ALWAYS TRADE WITH CARE **
Note
Price is retracing to the KS as mentioned in the analysis. Waiting to see if the price will bounce back and resume the downtrend.If the price breaks the DLY KS that will give us a short term bullish signal. Only if/when the price will cross the Cloud we could speak of a change in the trend direction. For the moment, it's still "only" a correction.
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