EUR/CAD: Ichimoku Indicators Analysis 25 Feb 2021

profile-image
EnclaveFX
Feb 25, 2021
invoices

EUR/CAD: H4

 Let’s look at the four-hour chart. Tenkan-sen line is below Kijun-sen, the red line is directed downwards, while the blue one remains horizontal. 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 (1.5165). The closest resistance level is Tenkan-sen line (1.5266).

 EUR/CAD: D1

 On the daily chart Tenkan-sen line is below Kijun-sen, the red line is directed downwards, while the blue one remains horizontal. 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 (1.4966). The closest resistance level is Kijun-sen line (1.5401).

 On the both charts the instrument is still falling. It is recommended to open short positions at current price with Take Profit at the level of previous minimum of Chikou Span line (1.5165) and Stop Loss at the level of Kijun-sen line (1.5266).

 Scenario

Timeframe: Intraday

Recommendation: Sell

 Entry Point: 1.5221

Take Profit: 1.5165

Stop Loss: 1.5266

 Key Levels: 1.4966, 1.5165, 1.5266, 1.5401