EURUSD

Holding flat still, although I was recycling that position all day yesterday (banking longs and then shorts) due to the ranging.The move down yesterday and overnight has managed to make an initial challenge of the 20day FLD (orange), having already 'cut' the 5day & 10day FLDs. This is the natural order of the 'ladder' in my working thesis, and is essential if price is to make it to the 40day FLD - see weekend report for cyclic phasing. However, the 80day FLD (blue) appears to be working as a spine to a contracting diagonal (blue dotted line for UTL) and with the 8hr momentum cluster looking messy/incomplete, I am thinking either Leading Diagonal or Corrective to be clarified in due course, with pop up either way. The fact that the 20,50 & 100 daily SMAs sit under price and are all green for bullish and saw a solid reaction last week, has me flat and cautious until I see 3 waves up to short. I may regret being flat, but that gap has not been closed and the 5day FLD (purple) has a peak to attack in the same zone. Hopefully, see you up higher for a safer place to lose the longs.