Kumowizard
Long

EURHUF - One round up to 310?

31 1 0
The Governing party FIDESZ won elections in Hungary yesterday with great majority. If they will have the 2/3 majority again, is still a question. But is it a question regarding EURHUF? Nope. The fact is that the economy policy will remain the same, so I doubt that allows the HUF             to strengthen in the long run. Anyway, this is only a not, an add on, a fundamental perception which a trend follower or technical trader has to forget immediately. The only thing that matters is the price action, the only thing we have to look at is the chart! Everything is distilled and discounted in the chart.

So what has been the price doing now? it reached the bottom of teh thick Kumo Cloud, and seems popping up slowly from there. Daily Slow Stoch is turning slowly into bullish , while 4 Hrs             DMI/ADX combo says the small downtrend is loosing steam. We may see a bullish swing to daily Kijun Sen / Kumo top, so to ard             310 level. 310 is the Kumo top on the 4 Hrs             chart as well, which can be in the focus as soon as px             closes above 306,50. There's only one resistence below, that is 308,25. In case price breaks above 310, the next key level is 312, which is the top of the Daily Kumo. Please note that given the setup of Daily Ichimoku components, this trade has to be considered as a counter trade, since the indicators rather points towards a bearish bias in general.

Strategy: Accumulate longs in 305-306,50 range, Stop 305 if offered, Price target 310. Risk reward should not be lower than 1:2 when you take the position, so place your stops accordingly.
Long Position stopped at 304,85. Price breaking below the daily Kumo, may reach 300-302.
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