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18 October

By Amir El Araby

Category: Technical Analysis

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Ichimoku Analysis: EURUSD trading bearishly below cloud, focus on Fibonacci support

By examining the daily chart of EURUSD, we can see how the pair has moved steadily to the downside after placing the significant high of 1.2090 whereas bears succeeded in hauling EURO below Senkou Span.

With Tenken-Sen overlapping Kijun-Sen on September 24, the bearish impetus increased, as price is already below the cloud.

Ichimoku analysis for EURUSD hints at further bearish correction for the entire uptrend started at 1.0337, while coming beneath 23.6% Fibonacci of the trend from trough to peak will ease the path towards the next Fibonacci level at 1.1422.

With that in mind, we are bearish on EURO, aiming to short so long as prices remain below 1.1880 and 1.1920 resistances.

Amir El Araby

Financial advisor with 18 years’ experience in the technical analysis studies for FOREX, Commodities and Indices. Amir El-Araby worked as a mentor for many companies and institutes, where he presented new methods for trading in the financial market. Amir is a member of ESTA (Egyptian Society of Technical Analysts).