EUR/CAD: Ichimoku Indicators Analysis 15 Feb 2021
Let’s look at the four-hour chart. Tenkan-sen line is above Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is approaching the price chart from above, current cloud is descending. The instrument is trading around lower border of the cloud. The closest support level is the lower border of the cloud (1.5361). The closest resistance level is the lower border of the cloud (1.5453).
On the daily chart Tenkan-sen line is below Kijun-sen, both lines are directed downwards. Confirmative line Chikou Span is below the price chart, 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 (1.5200). The closest resistance level is Kijun-sen line (1.5440).
On the four-hour chart the instrument is trading within the cloud. On the daily chart the Bearish trend is still strong. It is recommended to open short positions at current price with Take Profit at the level of previous minimum of Chikou Span line (1.5200) and Stop Loss at the level of Kijun-sen line (1.5440).
ENTRY POINT: 1.5380
TAKE PROFIT: 1.5200
STOP LOSS: 1.5440
KEY LEVELS: 1.5200, 1.5361, 1.5440, 1.5453