Published On: Thu, Mar 9th, 2017

EUR/GBP: Ichimoku clouds

InstaForex

Let’s look at the four-hour chart. Tenkan-sen line is above Kijun-sen, the blue line is directed upwards, while the red one remains horizontal. Confirmative line Chikou Span is above the price chart, current cloud is ascending. The instrument is trading between Tenkan-sen and Kijun-sen lines. The closest support level is the upper border of the cloud (0.8650). The closest resistance level is Tenkan-sen line (0.8673). On the daily chart Tenkan-sen line has crossed Kijun-sen from below, the red line is directed upwards, while the blue one remains horizontal. Confirmative line Chikou Span is above the price chart, current cloud is descending. The instrument is trading above Tenkan-sen and Kijun-sen lines; the Bullish trend is still strong. The closest support level is the upper border of the cloud (0.8625). The closest resistance level is Tenkan-sen line (0.8690).
On the four-hour chart we can see a correction of the downward movement. On the daily chart the Bullish trend is still strong. It is recommended to open long positions at current price with the target at the level of previous maximum of Chikou Span line (0.8695) and Stop Loss at the upper border of the cloud (0.8650).
Forex Analysis

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