After a strong bullish impulse we look to have formed a correction. we are at a level of previous resistance which may be used at support and at the 0.382 retracement level (strong trend fib line). a 15min bullish engulfing was an indicator that we are ready to continue.
The DXY looks like it has formed a correction after a recent bear leg and ready to steadily...
We broke a long earish structure and went bullish. Currently in a correction and approaching the "golden zone" and a weekly support level.
Anticipating a smooth bullish run once we hit the weekly support
M: Recently broke through monthly level and looking for a retracement to previous high of 1.82750 level
W: Very bullish weekly a few weeks ago but last week we saw a bearish spinning top which suggests a stall
D: Big gap (due to Brexit) and a bearish hammer forming.
H: 0.5 fib rejected connecting with a major supply demand area. Targets 1.82750...
EURJPY entered the second bearish leg on the 22-05-18 which breached a monthly key level of 126.000.
The end of last week, we saw EURJPY endure a retracement phase, back to a daily area of support now resistance.
Looking for some daily confirmations to confirm the bearish trend continuation.