Published On: Fri, Apr 28th, 2017

EUR/GBP: Ichimoku clouds

Let’s look at the four-hour chart. Tenkan-sen line is crossing Kijun-sen from above, the blue line is directed upwards, while the red one remains horizontal. Confirmative line Chikou Span is approaching the price chart from above, current cloud is ascending. 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 (0.84100). One of the previous maximums of Chikou Span line is expected to be a resistance level (0.84290). On the daily chart Tenkan-sen line is below Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is below the price chart, current cloud is descending. The instrument has been corrected to the Tenkan-sen line. The closest support level is Tenkan-sen line (0.84190). The closest resistance level is the upper border of the cloud (0.84700).
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 (0.83500) and Stop Loss at the lower border of the cloud (0.84700).

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