CapMoore

Kijun Sen Holds Resistance (with one pip) 8th Week in a row

FX:EURUSD   Fx Euro/Dolar U.S.
39 0 1
This weeks close saw another doji , just below the Kijun Sen
(white equilibrium line). In fact price close at 1,09622 and the
Kijun Sen was 1,0963. It also hints the importance of the Kijun
Sen, from the large market in relation to weekly closes. The
15th June was the first failed attempt to close above it. We
have since seen 7 more weeks of Kijun Sen holding as resistance.
The faster, Tenkan Sen, (red line) is moving sideways, which
shows some bullish pressure, from the TK             cross in the beginning
of July. Unless we see a weekly close below the Monthly S1 at
1,0787 OR a close above the Kijun Sen (and preferrably also
the Monthly PP), price will be squeezed into an ever tighter range,
making trading decisions on higher timeframe lacking a clear
bias. The Lagging Span (purple line) still holds below price
26 periods back. It still has three weeks of clear space for a
downward move, but then it will enter above price, on the
march bear moves. This also give a hint of the window bears
have to watch, and bulls who are trying to time a long entry.
It is technically very interesting. Price will eventually break free
from the congestion. It is currently a wait and see game.
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