EURUSD

Good morning everyone. Not too much happening on the surface but following on from yesterday's action plan, we do seem to have had the start of the move into the next 10day low due on the 17th. I want to be ready to go long around then rather than be trying to time my short exit, especially as I am in lectures all day Monday, so I am hoping for something bankable by Friday.

 The 60min chart does look a mess, but that is a visual clue to the corrective nature of this market at the moment. Price action is trying to marry up direction with momentum and for now, that means more positioning. We are trading under the daily pivot this morning and peppering yesterday's low. If this continues, the weekly purple FLD should get 'cut' to the downside, with the eventual target being the red 10day FLD. As I discussed yesterday, that 160day FLD is in the way - will it hold up price for a stronger move to the upside, or get breached as price moves down to the 10day? Don't know, but wanted to be positioned short, just in case of something stronger.

The 24 pip range bar chart has some very clean price action to measure eliptical patterns and a breach of the bullish blue ellipse, should see the red one take over. Obviously, I am painting an ongoing contracting diagonal and the red ellipse is measured to be the same bar count as the current blue and at the same angle of descent as the the blue's ascent. It is just a road map, but useful nevertheless.

 Thought I'd wheel out the big mama! This is a mirror harmonic square of the all time high and low of this pair, with an overlay of the 320day and 640day FLDs (which carry on from the smaller cycles in my daily posts). If we just take the weekly momentum study as our lead, it does appear that there is some more downside to be worked off, but through a diagonal formation, as I have covered over the months. So, I remain bullish but will keep playing both side until there is a clear momentum nest near those FLDs, whether through downward or sidewards action. Do note the 50% line at 1.3600 approx of the current 'square' - a breach that holds might see a return to the 90% degree line off 1.2041 at  1.3164.