Here a technical analysis of a currency pair dancing on the forex dance floor*. What’s a forex dance floor? It’s a metaphor we use at Invest Diva which refers to the trading chart. We like to think that the currency pairs are making history by their dancing moves on the dance floor.
Lets start the week by sneaking a peak on EUR/USD. The 6 hour chart completed the Elliot wave cycle we talked about last week and I exited my buy position at 1.37. On the daily chart the pair still appears to be dancing on an overall uptrend.
Throwing in an Ichimoku indicator, the pair is right now above the Ichimoku cloud scratching it’s the upper band. Should the pair enter the cloud, that could be a sign of consolidation. For long term trades, resistance is at 1.38019 and support in the 1.35 area.
Stay tuned for more technical updates and don’t forget to check in with the fundamental news and market sentiment as well, before you make a final trading decision!