The Invest Diva Diamond Analysis looks at investment strategies from 5 points: technicals, fundamentals, sentiment, capital, and overall. The EURUSD is waiting for a bullish momentum after breaking above the daily Ichimoku cloud.
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On Wednesday we found out that Mortgage applications to purchase a home increased 7% for the week in the USD, and they were also 7% higher than a year earlier, British Prime Minister Boris Johnson raised the prospect of a multi-billion-pound cut to a payroll tax, and that the Euro area financial stability environment remains challenging.
On Thursday we have the eurozone OECD Economic Outlook, ECB Account of October Policy Meeting (OCT) and National Consumer Price Index (YoY) (OCT). Bank of Canada’s Poloz is also scheduled to give a Fireside Chat in Toronto.
EURUSD Ichimoku Analysis:
Ichimoku Cloud Analysis – EUR/USD Forecast Today
Today, I’m looking at the EURUSD pair which has recently broken above the daily Ichimoku cloud with the Tenkan line also crossing above the Kijun line. While the future cloud remains bullish, we still don’t have the final Ichimoku Kinko Hyo confirmation, which is the Chiko span breaking above the cloud. The bullish momentum has slowed down a bit as the pair found resistance at the 61% Fibonacci retracement level of 1.108. The event risks from the remaining of the week could make or break this new bullish trend so we will be on a close watch out. Of course, trading in the financial markets involves a risk of loss and you should only trade the money you can afford to lose. If you liked this video, give it a thumbs up and subscribe to the Tickmill YouTube channel. I’ll get back to you with more updates tomorrow.
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.