Weekly Chart
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The Accelerator/Decelerator Oscillator appears to also be contemplating whether to leave the red zone for good, as it did not really manage to really enter negative territory as it should have if the recent pattern were to continue. The Alligator index points to a ranging market amid a sleeping Alligator, meaning that a trend might emerge soon, but that it might not be a good time to open positions. Same can be said about other indicators, most of which have entered the grey area. If we, however, exclude the Election jump, we see that the last fractal dipped underneath the Alligator teeth line, sending a legitimate SELL signal. While the latest reading of the parabolic SAR indicator lies above the current market price, we still speculate on a reversal of the bearish market.
As far as levels are concerned, the Fibonacci Expansion got it right more than once, and predicted the latest high at 1.7706 with astounding precision. The next level from above is the 38.20% seven-month Fibonacci retracement and the eight and a half month Fibonacci Expansion confluence at 1.5715. The pair has also been attempting the Gann angle of the senior fall, and could undergo a conclusive breakout if it continues to launch the attacks.
The Euro could shake up relevant markets upon the German Ifo Business Climate announcement on Thursday 9:00 GMT and could potentially help the pair break some of the technical levels.