Technical Analytics Report

EUR/GBP: Ichimoku Indicators Analysis 16 March 2021

EUR/GBP: Ichimoku Indicators Analysis 16 March 2021


EUR/GBP: H4

Let’s look at the four-hour chart. Tenkan-sen line is above Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is above the price chart, current cloud is descending. The instrument is trading around lower border of the cloud. The closest support level is Kijun-sen line (0.8537). One of the previous maximums of Chikou Span line is expected to be a resistance level (0.8630).

 EUR/GBP: D1

On the daily 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 (0.8508). One of the previous maximums of Chikou Span line is expected to be a resistance level (0.8691).

 On the four-hour chart we can see a correction of the downward movement. On the daily chart the Bearish trend is still strong. It is recommended to open short positions at current price with the target at the level of previous minimum of Chikou Span line (0.8537) and Stop Loss at the lower border of the cloud (0.8630).

 Scenario

 Timeframe: Intraday

Recommendation: Sell

Entry Point: 0.8602

Take Profit: 0.8537

Stop Loss: 0.8630

Key Levels: 0.8508, 0.8537, 0.8630, 0.8691


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