The daily Ichimoku chart for $EUR/USD is suggesting that the uptrend for EUR/USD is coming to an end.
1. We can see that the overall trend is flattening or hitting a plateau with the kumo turning flat.
2.Â A bearish cross seems to be forming between the Kijun sen and Tenkan sen
3. Support is thin at the kumo
4. Leading kumo seems to suggest a change in trend may be coming.
This is an update to the previous $AA chart reading.
Previously, it was reported that $AA has a Head and Shoulder formation.
Shortly after that, $AA start moving down further and has a gap down when it reached $10.
Currently, it is now trading below the kumo.
With $AA being in the production of aluminium, I believe this is a proxy to the weakness in the demand and by extension, the economy is slowing down.
In other words, the general market rally should be coming to an end soon. Be careful going LONG at this levels.
From the Chikou Span, we can see a fairly distinct Head and Shoulder forming.
On top of that the price has trade below both the Tenkan sen and Kijun sen. Further drop will definitely result in a Bearish cross.