Sive Morten
Special Consultant to the FPA
- Messages
- 18,655
Morning guys,
So, let's go back to EUR analysis. Yesterday we've got first signs of upward action. But it is too early to fall in euthoria and jump in. In general, nothing important has happened yet, and this recent jump suits to our scenario for the week. All in all but right wing of butterfly should be formed and while market stands below previous top of 1.1860 - this scenario will be valid. That's why it is too early to talk about reversal.
Besides, we have indirect signs that reversal probably has not happened yet. Thus, market has not reached major weekly Fib levels and previous lows have not been washed out. This makes me think that this is not a reversal yet.
Finally, on daily chart price is flirting with MACDP line and we could get daily bearish grabber by the end of the session. In this case it will just confirm our butterfly scenario:
On 4H chart price still stands in our widen triangle and now comes to 50% Fib resistance and WPP.
This level also Agreement with 15-min OP target:
It means that its not the fact yet that upward action will continue.
That's being said, I think it would be better to wait till the week close and see what will happen. May be all puzzle part will be placed and our butterfly scenario will be confirmed...
So, let's go back to EUR analysis. Yesterday we've got first signs of upward action. But it is too early to fall in euthoria and jump in. In general, nothing important has happened yet, and this recent jump suits to our scenario for the week. All in all but right wing of butterfly should be formed and while market stands below previous top of 1.1860 - this scenario will be valid. That's why it is too early to talk about reversal.
Besides, we have indirect signs that reversal probably has not happened yet. Thus, market has not reached major weekly Fib levels and previous lows have not been washed out. This makes me think that this is not a reversal yet.
Finally, on daily chart price is flirting with MACDP line and we could get daily bearish grabber by the end of the session. In this case it will just confirm our butterfly scenario:
On 4H chart price still stands in our widen triangle and now comes to 50% Fib resistance and WPP.
This level also Agreement with 15-min OP target:
It means that its not the fact yet that upward action will continue.
That's being said, I think it would be better to wait till the week close and see what will happen. May be all puzzle part will be placed and our butterfly scenario will be confirmed...
