Long-term review
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4-hour timeframe
General picture: The purchase signal canceled and instead of it a sale signal formed with the target around 1,2400. The signal is weak as the price is above the Ishimoku cloud, and Chinkou Span affirmed below the price chart. However, presently, a midterm target is the first support level at 1,2506. Further movement depends on if the price fixes below 1,2506. In case of fixation below this level the next target will be 1,237. If the price does not touch 1,2506 or the rebound then the upside movement is possible. If the price moves above Kidjun-sen, it will mean that more weakening of the sales signal. Chinkou Span is below the price chart taht testifies about a downward motion. The Bollinger bands show possible ending of the up-going trend. - the lines narrowed and directed sidewards that signals about flat. MACD is moving downwards telling about a downside trend.
Trading recommendations: In the current situation it is recommended to trade with a downward target at 1,2506. However, first it is better to wait for widening of the Bollinger bands downwards. We put Stop-loss above 1,2620. Leave short positions manually in case of MACD turnout upwards.
Besides the technical picture it is necessary to keep in mind the fundamental data and the date of their release.
Picture explanatory notes:
Ishimoku indicator:
Tenkan-sen – red line
Kidjun-sen – blue line
Senkou-span A– light brown dashed line
Senkou-span B – light-purple dashed line
Chinkou span –green line
Bollinger bands indicator :
3 yellow lines
MACD indicator:
Red line and the histogram with white bars in the indicators window
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