Published On: Fri, Mar 17th, 2017

EUR/GBP: Ichimoku clouds


Let’s look at the four-hour chart. Tenkan-sen line is below Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is approaching the price chart from below, current cloud is ascending. The instrument is trading between Tenkan-sen and Kijun-sen lines. Tenkan-sen and Kijun-sen lines have become support (0.8713) and resistance (0.8726) levels respectively 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 above the price chart, current cloud has reversed from descending to ascending. The instrument has been corrected to the Tenkan-sen line. The closest support level is Tenkan-sen line (0.8720). One of the previous maximums of Chikou Span line is expected to be a resistance level (0.8736).
It is not recommended to open positions at current price. Pending orders should be placed at the cloud’s borders: sell at the level of 0.8719, with Take Profit at 0.8705 and Stop Loss at 0.8725; buy at the level of 0.8705, with Take Profit at 0.8730 and Stop Loss at 0.8699.
Forex Analysis

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