EURUSD#13 - Weekly Homework

Euro formed a nice long hammer pattern on weekly chart last week. Though the huge black candle 2 weeks ago, thick Kumo managed to pull price back into the cloud again. That coincides with FB80 retracement for a run from 10 Sep to 4 Nov 2010.

A few resistances on the monthly chart:
1. Kijun & EMA50 - around 1.3550
2. Chikou has hit price action, will it break above it?
3. EMA50 for Chikou - around 1.3460
Support only around 1.3000

Resistances on the weekly chart:
1. Kijun for Chikou & EMA50 for price - around 1.3430
2. Kumo top - around 1.3550, also EMA50 for Chikou
3. Kumo bottom for Chikou - around 1.3800
No clear support other than 1.3000, which is also around Kumo bottom.

On the daily chart, price as break above EMA200 and into the Kumo. However, Friday's high is still inside a channel formed by the lower-highs and lower-lows since 4 Nov. It's still unclear whether it will break out from the channel, or being rejected by the Kumo and stay inside.
A few resistances:
1. EMA50 for both price and Chikou - around 1.3520
2. Kijun, also Chikou pivots - around 1.3625, also FB50 for recent downtrend
3. Kumo top - around 1.3830, also Kijun for Chikou
Supports:
1. EMA200 for Chikou - around 1.3320 to 1.3380
2. Kumo for Chikou - around 1.3180

4-hour chart, Chikou has break above price AND Kijun, showing some strength. Price action had also broken up into the cloud. If price manages to go above 1.3450 early Monday, then resistances are:
1. EMA200 - around 1.3520, near 1.3550 strong resistance
2. Kumo resistance for Chikou
Supports:
1. Kijun and Price action for Chikou

Could be a tricky week to trade. Long term trend still bearish, but if break above 1.3550, might go up further to 1.3830, a short term bull run. Bear run will continue once 1.3000 support is broken.

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