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Forex: Ichimoku Clouds. Review of EUR/USD

EUR/USD, H4

On the four-hour chart Tenkan-sen line is above Kijun-sen, the lines are moving upwards. Chinkou Span line has crossed the price chart from below, current Kumo is ascending. With the help of Golden Cross the pair has entered the cloud from below and is probably going to trade within it for a couple of days. The closest support level is Tenkan-sen line (1.3469). The next obstacle for the price on its way up will be the upper border of the cloud (1.3540).

EUR/USD, D1

Let’s look at the daily chart. Tenkan-sen is below Kijun-sen, and they are both horizontal.  Chinkou Span is above the price chart, current cloud is getting narrower before the reversal from ascending to descending. Under the pressure of the Dead Cross, the pair has broken through the cloud but weren’t able to consolidate below, so the price has broken through the upper border of the cloud. The closest resistance level is Kijun-sen line at 1.3563. The upper border f the cloud is a support level at 1.3469.

Key levels

Support levels:  1.3469.

Resistance levels:  1.3540, 1.3563.

Trading tips

On the four-hour chart the pair has entered the cloud, pending buy orders can be placed above 1.3540. However on the daily chart the price has broken through the cloud, giving a signal to open buy positions with targets at 1.3563.

 

Anastasiya Glushkova

Analyst of LiteForex Group of Companies

Monday, 18 Nov, 2013 / 9:46

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

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