Looking at EUs market structure and you'll see there's signs of indecision in the trend. The consolidation build up is ranging between key levels of support and resistance. Looking at the top down analysis there's a falling wedge on the larger TFs which can lead to a breakout of the consolidation. Plus the weekly S/R has been tested a number of times.
(This can be viewed as both bullish and bearish. Depending on bias.)
The overall trend with EU is bearish, it has been for quite some time now, so may be the start of a bullish run. 200MA is also flirting with price action acting as a type of support. If the MA shows strength I'll be more bullish bias: as that tells me there's bullish energy stacking up. (Plus MA being a leg indicator it could drive price)
However we do have opportunities for the breakdown of market structure to test previous lows. This will be a short term move: most likely gearing up for an overall bullish run.
I'll update this idea more as it progresses. Drawing out both concepts in detail.
As of now I'm neutral and just waiting for a clear indication of price
Remember nom trading is trading and patience is a virtue.
(This can be viewed as both bullish and bearish. Depending on bias.)
The overall trend with EU is bearish, it has been for quite some time now, so may be the start of a bullish run. 200MA is also flirting with price action acting as a type of support. If the MA shows strength I'll be more bullish bias: as that tells me there's bullish energy stacking up. (Plus MA being a leg indicator it could drive price)
However we do have opportunities for the breakdown of market structure to test previous lows. This will be a short term move: most likely gearing up for an overall bullish run.
I'll update this idea more as it progresses. Drawing out both concepts in detail.
As of now I'm neutral and just waiting for a clear indication of price
Remember nom trading is trading and patience is a virtue.
