By: Fadi Steitie
Currency: EUR/USD
Trend Expected Direction: Down
Strategy: Ichimoku Kinko Hyo
Description: Just to visualize the Technical view of EUR/USD using
Japanese Candle Sticks along with Ichimoku Hyo, We can notice a falling
channel just below the cloud (Kumo). A falling red candle broke the
support level at 1.32180 and went to 1.29470 hitting the lower
trend-line of the falling channel. It then bounced with a long upper
shadow hitting the new resistance level at 1.31880. As we got a little
far from the main resistance zone with expansion in Cloud (Kumo), I do
expect a further drop in trend once it hits the upper trend-line. A
pull back is expected in such scenario but not at this level.
Action: Hold Short
Target Area: 1.28350
Stop Loss: 1.32500
Risk: N/A
