Kumowizard

Downtrend and bullish wedge finally breaks, to be continued...

Long
FX_IDC:EURUSD   Euro / U.S. Dollar
- Price finally closed above the long term (nearly 2 years) down trend line . This also makes a breakout from the bullish wedge .
- Price is above Kijun, Kumo cloud, quantitative HA indicators turned positive above their mid lines, and EWO is bullish too. All positive.
- We also have a medium Strong bullish Tenkan/Kijun cross (within the spot cloud), and Senkou A and B lines (forward Kumo components, basically the long term averages) started to point upwards too.

The sdays of trong dollar might be over, but it Will be a bumpy road up for the EUR, as if you look at the weekly time frame, you can clearly see some resistances ahead at 1,1150 and more importantly at 1,1220-70 zone.

Anyway, I still believe next years main trade Will be a weaker USD (higher EURUSD ), and also a higher Gold price.

From now, we only add to our longs on any reasonable dips. To reduce the negative cost of carry effects, we may sell some OTM covered Call options in case we get up to relevant resistance levels,

Good luck!

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