This is continued from previous post. An update to the EURUSD position.
Price has been moving sideways since the move downwards. Price still remain above the kumo cloud, an encouraging sign at the moment.
Technical (Ichimoku)
Price movement today is encouraging, provided it closes high or near high. Reason being the chikou span cut above the jikun-sen. Looking back, chikou span had cut below the jikun-sen very recently, diminishing the upward trend and breaking the support level. Price movement today will be encouraging for traders looking to long.
In addition, tenkan-sen and jikun-sen converge in the kumo cloud. It will be fruitful, depending the price action ahead, if the tenkan-sen can cut above the jikun-sen and move out from the kumo cloud.
Strategy (Ichimoku)
Price levels to watch out will be between 12380 to 12400 (as chikou span cut above all previous highs from current price)
Aggressive position takers could look for establishing long position now, with stops below the kumo cloud. Moderate position takers could look stop in above 12380 to 12400, with stops below the kumo cloud.
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