Let’s look at the four-hour chart. Tenkan-sen and Kijun-sen lines have merged, the lines are horizontal. Confirmative line Chikou Span is above the price chart, current cloud is ascending. The instrument is trading above Tenkan-sen and Kijun-sen lines; the Bullish trend is still strong. Merged Tenkan-sen and Kijun-sen lines have become a strong support level (1.7634). One of the previous maximums of Chikou Span line is expected to be a resistance level (1.7890).
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 (1.7706). The closest resistance level is the upper border of the cloud (1.7809).
On the four-hour chart the instrument is still rising. On the daily chart the Bearish trend is still strong. It is recommended to open long positions at current price with Take Profit at the level of previous maximum of Chikou Span (1.7890) line and Stop Loss at the level of Kijun-sen line (1.7634)
Buy Sell Spread
1.77056 1.76993 63
Timeframe Day’s Range
Entry Point 1.7684
Take Profit 1.7890
Stop Loss 1.7634
Support levels 1.7634, 1.7706, 1.7809, 1.7890
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