The Euro has potential to push higher today against the dollar as it has been in consolidation between 1.19200 and 1.19400 .
Price has also held along the 61.8 Fib retracement level and formed a triple bottom.
In addition the 1 hour EMA has crossed over and the 4hour EMA looks to just be about to cross over as well.
Looking for a powerful candle out of the consolidation area and a 4hour EMA cross and close before entering a long position with a stop just below the support of the triple bottom at around the 1.19080 level
First target would be the previous high of 1.19900
Second: 1.12200
Third 1.12600
Price has also held along the 61.8 Fib retracement level and formed a triple bottom.
In addition the 1 hour EMA has crossed over and the 4hour EMA looks to just be about to cross over as well.
Looking for a powerful candle out of the consolidation area and a 4hour EMA cross and close before entering a long position with a stop just below the support of the triple bottom at around the 1.19080 level
First target would be the previous high of 1.19900
Second: 1.12200
Third 1.12600
Comment:
Trade back in NEUTRAL territory. Weekly, daily, 4hour and 1 hour EMAs all slopping downwards signalling bearish momentum. If price breaks below the 0.618 fib level and closes. we can expect further movement to the downside.
Comment:
NO LONG SET UP