It had been quite a volatile week for the Euro.
After establishing new position as mentioned in previous post, the price action had an upward movement to near 13130 level. that followed by a reversal or retraction to where the price now (12920 level as being check at this instant)
Some positions had been square off to lock in profit for the position established earlier. Also new position had been established when price action went below the jikun sen.
Technical (Ichimoku)
Price action remains around the kumo cloud top, which mean the kumo cloud support comes in play near this level, and the uptrend remains in tact.
However, tenkan-sen is converging towards jikun-sen, and likely to cross under the jikun-sen, the very first signal to go short (if one wants to).
Chikou span still above the tenkan sen, and likely to go below tenkan sen soon.
Strategy (Ichimoku Trading)
The next few periods of the price action will be significant.
Long position takers may choose this window to go long. With the kumo cloud support, price action should reveal accordingly.
Short position takers may start to establish small short position with aim of increasing more short position should price action goes below the cloud.
See how the price action comes about.
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