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Forex Chart of the Week July 19th
EURUSD – Big Kumo Break
After busting through the Daily Kumo for the first time since Dec. 2009, the pair has been holding its ground which is a good sign. The question is what can we expect from this move?
There are several fibs and other layers of interesting resistance above but as long as the pair holds above the Kumo and the 20ema, it should continue to press the upside in the days/weeks to come. The 50% fib. of the last major downswing sits perfectly at the flat Kumo top so this could give a great support to go long on the pair for another attack on 1.3000. Ideally, the pair would correct to this level first (flat top) and then attack the fib with a follow-through breakout confirming the flat top. Short term it is best to wait for the pair to pullback as breakouts have not been great as of late and with liquidity lower than usual these weeks, best to wait for breakout-pullback to a key level or take a pullback to the Kumo top but short term-we have to be long EURUSD with future targets of 1.3125 and 1.3250 in the works.
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