Since the last “NoGo”, the currency pair moved down and made a series of lower lows. During that time, the GoNoGo Oscillator stayed below zero as we’d expect. However, momentum has turned positive. The GoNoGo Oscillator failing to stay below zero was the first suggestion that prices may start to rally. Now, it has retested the zero line and found support there as the GoNoGo Trend indicator has painted a few amber bars, indicating uncertainty in the strength of the down trend (represented by the pink/purple trend bars).
Concurrently, we are testing a resistance level that has held as both support and resistance over the last several weeks.
We will look to see if EURUSD can break through this level, and in doing so start to paint blue “Go” bars, or If it gets turned away and resumes its “NoGo” trend. Click here!