EUR/GBP: Ichimoku clouds
04 January 2018, 21:01| Scenario | |
|---|---|
| Timeframe | Intraday |
| Recommendation | BUY |
| Entry Point | 0.8909 |
| Take Profit | 0.8952 |
| Stop Loss | 0.8882 |
| Key Levels | 0.8882, 0.8913, 0.8952 |
Let's look at the four-hour chart. Tenkan-sen and Kijun-sen lines have merged, both lines are directed upwards. Confirmative line Chikou Span is crossing the price chart from below, current cloud is ascending. The instrument is trading above Tenkan-sen and Kijun-sen lines; the Bullish trend is still strong. The closest support level is Kijun-sen line (0.8882). One of the previous maximums of Chikou Span line is expected to be a resistance level (0.8913).
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 crossing the price chart from below, 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 (0.8891). One of the previous maximums of Chikou Span line is expected to be a resistance level (0.8942).
On the four-hour chart the instrument is still rising. On the daily chart we can see a correction of the downward movement. It is recommended to open long positions at current price with Take Profit at the level of previous maximum of Chikou Span (0.8952) line and Stop Loss at the level of Kijun-sen line (0.8882).
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