Let's look at the four-hour chart. Tenkan-sen line is above Kijun-sen, both lines are directed upwards. Confirmative line Chikou Span is below the price chart, current cloud is descending. The instrument is trading around lower border of the cloud. The closest support level is the upper border of the cloud (0.8745). The closest resistance level is the upper border of the cloud (0.8940).
On the daily chart Tenkan-sen line is below Kijun-sen, the red line is
directed downwards, while the blue one remains horizontal. Confirmative line
Chikou Span is below the price chart, current cloud is descending. The
instrument is trading below Tenkan-sen and Kijun-sen lines; the Bearish trend is
still strong. One of the previous minimums of Chikou Span line is expected to be
a support level (0.8720). The closest resistance level is Kijun-sen line
(0.8990).
On the both charts the instrument is still falling. It is recommended to open short positions at current price with the target at the level of previous minimum of Chikou Span line (0.8745) and Stop Loss at the lower border of the cloud (0.8940).
| Scenario | |
|---|---|
| Timeframe | Intraday |
| Recommendation | SELL |
| Entry Point | 0.8889 |
| Take Profit | 0.8745 |
| Stop Loss | 0.8940 |
| Key Levels | 0.8720, 0.8745, 0.8940, 0.8990 |
