The Ichimoku Kinko Hyo has ended in a Bearish position. Tenkan-sen/Kijun-sen have a Bearish cross. They along with the price are now below the Kumo so this chart is Bearish.
On the Daily chart the price has gone below the Tenkan-sen which is only a Bearish warning. With today's volatility it might be best to get confirmation before jumping to conclusions. The Kumo is stringy and may not offer much resistance.
The Chikou has built in support at 1068 so that will be a level for the Bears to break. Resistance waits above between 1082 and 1090.
If we should continue to fall the MAJOR resistance will be 1055. Remember how the big flat Kumo held prices in that area for a while? Well the Chickou was building support/resistance. The on Volume price chart will probably show this too. Well what the heck lets just take a look...Yep, it's there but not like I had imagined, but I'm certain it will provide a bounce once we get there.
Even the EW is becoming a difficult count so it may just be a wait and see game.
Now for something I have been working on. It's an algorithm that has been giving very nice results. I think it's ready to be included in my Blog, but I may still make some changes. Watch it for awhile and see what you think.
It called this drop today and now it appears it could reverse and turn Bullish again. But so far it's still in Bear mode. If it should cross into Bullish territory I will post an update if I'm available and not working.
Analysis presented on this Blog has only informational, and educational purpose, and does not represent a proposal for buying or selling currency contracts.