Continue update from previous post for the EURUSD position.
After the rally up from 12300-12350 level, price itself has been trading between 12500-12600 level. As mentioned previously, it is likely to see consolidation between 12500 to 12700 level. Depending how price unveils itself, there should be support level at 12500.
Technical (Ichimoku)
Tenkan-sen and jikun-sen have converged towards each other. A signal that the price action will be likely to further consolidated around the current level.
Looking forwad, the kumo cloud is getting thicker and higher, it is likely to see support when the price traded near the cloud top.
Strategy (Ichimoku)
Uptrend, to go for long, short not recommended.
Price levels to establish long, between 12500 to 12600, with stops below the kumo cloud.
FX or forex trading has always been a sphere which delivers profitable outcome for traders only if they have analyzed the indicators properly.
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