EUR/CAD: Ichimoku Indicators Analysis 02 March 2021
Let’s look at the four-hour 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 descending. 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 (1.5164). One of the previous maximums of Chikou Span line is expected to be a resistance level (1.5329).
On the four-hour chart we can see a correction of the downward movement. On the daily chart we can see a correction of the downward movement. It is recommended to open short positions at current price with Take Profit at the level of previous minimum of Chikou Span line (1.5075) and Stop Loss at the level of Kijun-sen line (1.5299).
Entry Point: 1.5247
Take Profit: 1.5075
Stop Loss: 1.5299
Key Levels: 1.5164, 1.5212, 1.5291, 1.5329