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Forex: Ichimoku Clouds. Review of EUR/USD

EUR/USD, H4

On the four-hour chart Tenkan-sen line is crossing Kijun-sen line from below under the cloud, giving first signal of trend reversal. Chinkou Span line is approaching the price chart from below, current Kumo is descending. The closest support level is Tenkan-sen line (1.3507). The next obstacle for the price on its way up will be the lower border of the cloud (1.3647).

EUR/USD, D1

Let’s look at the daily chart. Tenkan-sen and Kijun-sen lines are merged above the cloud but still can’t cross. Chinkou Span is following the price chart, current cloud is ascending. The closest support level is Senkou Span A line at 1.3464. Merged Tenkan-sen and Kijun-sen lines are strong resistance level at 1.3637.

Key levels

Support levels:  1.3507, 1.3464.

Resistance levels:  1.3647, 1.3637.

Trading tips

On the four-hour chart we’ve got first signal of the trend reversal. Target for the short-term buy positions is 1.3647. On the Daily chart the downward movement has been stopped by the cloud. The pair can pull back from the upper border of the cloud to the resistance level at 1.3637 and then fall down again.

Anastasiya Glushkova

Analyst of LiteForex Group of Companies

Thursday, 07 Nov, 2013 / 7:58

Source : https://www.liteforex.com/

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