FX TECHNICAL ANALYSIS
EURUSD Retrospect On
the Monthly EURUSD
chart the price was continuing its way up in the body of the Kumo until it reached the top of it in January, then it was bouncing around the top of the Cloud in February and March. Currently the price is above the Kijun-Sen and Tenkan-Sen lines and even the Tenkan-Sen crossed up the Kijun below the Cloud which is a weak bullish signal, however – in spite of its position above the price and the Kijun-Sen – the Chikou Span is still below the Kumo, therefore the forming bullish trend is not fully supported yet on this timeframe.
The Weekly EURUSD was clearly bullish during the last three months. The
price
Figure 1: EURUSD Monthly
Figure 2: EURUSD Weekly is
above the Kumo and all other Ichimoku components, even the Chikou Span is supporting the bullish picture with moving above the major support Kijun- Sen line.
On the Daily chart the EURUSD currency pair started the year in a bullish trend, moving above all Ichimoku components with the confirmation of the Chikou Span. It bounced back to touch the Kinjun-Sen on the 9th
46 FX TRADER MAGAZINE April - June 2018
Figure 3: EURUSD Daily
of January and on the 8th of February, otherwise the bullish trend was uninterrupted until the end of February when the
price got below the Kijun-Sen and stuck between the Kijun and the top of the Kumo until the end of March.
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