Technical Analytics Report

EUR/CAD: Ichimoku Indicators Analysis Report 07 May 2021

EUR/CAD: Ichimoku Indicators Analysis Report 07 May 2021

 

EUR/CAD: H4 

Let’s look at the four-hour chart. Tenkan-sen line is below Kijun-sen, the lines are 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 (1.4657). One of the previous maximums of Chikou Span line is expected to be a resistance level (1.4719). 

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 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 (1.4603). One of the previous maximums of Chikou Span line is expected to be a resistance level (1.4739). 

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 (1.4557) and Stop Loss at the level of Kijun-sen line (1.4743). 

Scenario 

Timeframe: Intraday

Recommendation: Sell

Entry Point: 1.4679

Take Profit: 1.4557

Stop Loss: 1.4743

Key Levels: 1.4603, 1.4657, 1.4719, 1.4739


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