Today’s Forex GuideX

EURUSD Ichimoku Cloud Analysis

By 12/03/2019 No Comments


Welcome to another episode of Ichimoku cloud analysis!

Today I’m looking at the EURUSD pair after the US dollar selloff in the past few days. This is just for practice purposes for you.

It’s the behind the scenes of my strategy development for TickMill, which is one of my clients who ask me to create trading strategies for them.

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I no longer personally trade forex.

However, I use Ichimoku cloud Analysis across all the assets that I invest in, including stocks, ETFs and cryptocurrency.

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I look at the markets based on my signature Invest Diva Diamond Analysis (IDDA) and combine it with the Ichimoku Kinko Hyo strategy development technique including indications from the Ichimoku cloud. The IDDA looks at investment strategies from 5 points: technicals, fundamentals, sentiment, capital, and overall.

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Fundamentals:

On Tuesday, Trump said it might be better to wait until after 2020 election for a China trade deal, France and the European Union they were ready to retaliate if Trump acted on a threat to impose duties of up to 100% on imports of French products, and the Euro zone’s Industrial producer prices went up by 0.1%. On Wednesday we have Canada’s rate decision and the US ISM Non-Manufacturing/Services Composite (NOV).

Technical Analysis

EUR/USD pair didn’t complete its Ichimoku breakdown last week and went on to break above the daily Ichimoku cloud on Tuesday. This again is a result of the USD selloff across the board we talked about yesterday. Now here, we still have another bullish signal to back this up; A double bottom bullish reversal chart pattern.

The pair is testing the neckline at the time of filming, right after it confirmed the break above the Ichimoku cloud. The combination of the two indicates we could see further gains in the EUR/USD pair to at least the 50% Fibonacci retracement level of 1.114.
Disclaimer
Trading in the financial markets involves a risk of loss and you should only trade the money you can afford to lose.
In my book, Ichimoku Secrets, I explain how this could be an interesting buying opportunity provided you’re willing to take the risk. For more on Ichimoku strategy development, don’t forget to grab the PDF version of my book, Ichimoku Secrets.

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    You should only invest the money you can afford to lose.

    Invest Diva (KPHR Capital, LLC) and Kiana Danial are NOT a financial advisor. Nothing said on investdiva.com by Kiana Danial or other contributors is meant to be a recommendation to buy or sell any financial instrument.