Technical Analytics Report

EUR/GBP: Ichimoku Indicators Analysis 21 May 2021

EUR/GBP: Ichimoku Indicators Analysis 21 May 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 has crossed the price chart from below, current cloud is going to reverse from descending to ascending. The instrument has entered the cloud. One of the previous minimums of Chikou Span line is expected to be a support level (0.8594). One of the previous maximums of Chikou Span line is expected to be a resistance level (0.8663). 

EUR/GBP: 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 going to reverse from descending to ascending. The instrument has entered the cloud. One of the previous minimums of Chikou Span line is expected to be a support level (0.8551). One of the previous maximums of Chikou Span line is expected to be a resistance level (0.8711).

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 not recommended to open positions at current price. Pending orders should be placed at the cloud’s borders: sell at the level of 0.8602, with Take Profit at 0.8525 and Stop Loss at 0.8630; buy at the level of 0.8630, with Take Profit at 0.8715 and Stop Loss at 0.8602. 

Scenario 

Timeframe: Intraday

Recommendation: Sell Stop

Entry Point: 0.8602

Take Profit: 0.8525

Stop Loss: 0.8630

Key Levels: 0.8551, 0.8594, 0.8663, 0.8711 

Alternative Scenario 

Timeframe: Intraday

Recommendation: Buy Stop

Entry Point: 0.8630

Take Profit: 0.8715

Stop Loss: 0.8602

Key Levels: 0.8551, 0.8594, 0.8663, 0.8711


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