Recap 7 May

EUR - D closed an inside candle. Range bound trading generally means trading the reaction to the W pivots/support resistance levels. An engulfing negative close on 1hr would set up a move to test 1.3050/1.3000.
Result: A 15 min double bottom at W M2 gave a move to W pivot. A 15 min lower high rejecting W pivot moved back down to W M2. Range bound continues.

GU - Has struggled below 1.5600 which is the top of a D channel for a week. A weak D close and we have not yet crossed below the 8lwma. If the 4hr closes negative here we are on a lower high suggesting move down will continue. Bias down.
Result: Moved down in US session in line with bias.

EJ - D closed a small doji. The 4hr does not appear to be reacting lower in the same fashion as it did after the 25 April doji. A 4hr hammer/engulfing close here would set up a move higher. At the moment the 1hr flow is lower high lower low.
Result: 2 x 4hr hammers set up move higher. 15 min higher low above 129.50. Fell again in US session with a 15 min lower high, setting up on the round number which is an issue for us.