pip forex:

Let’s look at the four-hour chart. Tenkan-sen line is above 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 (141.70). The closest resistance level is Kijun-sen line (142.65).

On the daily chart Tenkan-sen line is below Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is crossing the price chart from above, current cloud is ascending. The instrument is trading around upper border of the cloud. The closest support level is the upper border of the cloud (141.24). The closest resistance level is Tenkan-sen line (143.37).

Recommendation

On the four-hour chart the instrument is still falling. On the daily chart the Bullish trend is still strong. It is recommended to open short positions at current price with Take Profit at the level of previous minimum of Chikou Span line (141.70) and Stop Loss at the level of Kijun-sen line (142.65).

Scenario

Timeframe Weekly
Recommendation SELL
Entry Point 142,20
Take Profit 141.70
Stop Loss 142.65
Key Levels 141.24 141.70 142.65 143.37
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