Published On: Wed, Apr 26th, 2017

EUR/TRY: Ichimoku clouds

InstaForex
Let’s look at the four-hour chart. Tenkan-sen and Kijun-sen lines have merged, the lines are horizontal . Confirmative line Chikou Span is approaching the price chart from below, current cloud is going to reverse from ascending to descending. The instrument has broken down Tenkan-sen and Kijun-sen lines. One of the previous minimums of Chikou Span line is expected to be a support level (3.8774). The closest resistance level is the upper border of the cloud (3.9019). On the daily chart Tenkan-sen line is below Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is crossing the price chart from above, current cloud is ascending. The instrument has been corrected to the Tenkan-sen line. One of the previous minimums of Chikou Span line is expected to be a support level (3.8765). The closest resistance level is Tenkan-sen line (3.9002).
On the four-hour chart the instrument has broken down the cloud, forming a strong signal to sell. On the daily chart we can see a correction of the upward movement. It is recommended to open short positions at current price with the target at the level of previous minimum of Chikou Span line (3.8774) and Stop Loss at the lower border of the cloud (3.9019).

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