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Ichimoku Cloud Analysis Practice – EURUSD Forecast Today

By 11/26/2019 No Comments


Today I’m looking at the EUR/USD pair across different time frames in order to decide whether or not we have a solid bearish signal to act on right now.

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 we found out that The U.S. international trade deficit was down $4.0B from September, US consumer confidence fell for fourth consecutive month, while Home price gains accelerated in September, Consumer sentiment in Germany picked up again in November, and RBA’s Philip Lowe said The Reserve Bank may create money to buy government bonds if it runs out of levers to boost the economy when it drops the official interest rates to 0.25%. On Wednesday we have the US GDP data as the main economic event

Technical Analysis

Today I’m looking at the EUR/USD pair which despite forming a potential reverse head and shoulder bullish reversal chart pattern in the past couple of months, has now broken below the daily Ichimoku cloud.

But if you look closely at the chart, you’ll also see that the future cloud is bullish, and that the pair seems to have found support above the 78% Fibonacci retracement level of 1.099. Now, a break below the Ichimoku cloud does indicate further drops within time frame of the chart, in this case, the daily chart. But in this case, considering the other bullish signals around, only if the 1.099 support level is broken, would we see further drops towards the next support of 1.08.

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Disclaimer Trading in the financial markets involves a risk of loss and you should only trade the money you can afford to lose.

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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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    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.