Wednesday, July 13, 2016

EUR/GBP: Ichimoku Clouds

 



2016-07-14 07:18 (GMT+2) EUR/GBP

Let's look at the four-hour chart. Tenkan-sen line is below Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is below the price chart, current cloud is ascending. The instrument is trading around lower border of the cloud. Borders of the cloud serve as the closest support (0.8415) and resistance (0.8510) levels

On the daily chart Tenkan-sen line is above Kijun-sen, the red line is directed upwards, while the blue one remains horizontal. Confirmative line Chikou Span is below the price chart, current cloud is ascending. The instrument is trading below Tenkan-sen and Kijun-sen lines; the Bearish trend is still strong. The closest support level is the upper border of the cloud (0.8285). One of the previous maximums of Chikou Span line is expected to be a resistance level (0.8585).

 

Recommendation

On the four-hour chart the instrument is trading within the cloud. On the daily chart we can see a correction of the upward movement. It is recommended to open long positions at current price with the target at the level of previous maximum of Chikou Span line (0.8585) and Stop Loss at the upper border of the cloud (0.8285).

 

Scenario

Timeframe Intraday
Recommendation BUY
Entry Point 0.8410
Take Profit 0.8585
Stop Loss 0.8285
Key Levels 0.8285, 0.8415, 0.8510, 0.8585






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