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4-hour timeframe
Overview:
The euro is still observing a buy signal with target level 1.3764, the target level is reached, upside movement continues, we are also observing current correction. The formed buy signal is strong and confirmed, since the Chinkou Span fixated above the price graph and the price is above the Ichimoku cloud. Thus, at the moment the first target for the upside movement is 1.4095 – the first resistance level. If this level is passed the second target will be the second resistance level at 1.4201. Upside movement remains while the price is above the Kijun-sen (1.3890), if the price fixates below this line it is recommended to cut long positions. The Chinkou Span is above the price graph, which confirms the current buy signal and indicates bullish sentiment. The Bollinger bands show the continuing upside movement, the lines are diverging and directed up. The MACD is descending, thus indicating current correction movement, therefore it is recommended to resume up trading after the MACD reverses to the upside.
Trading recommendations:
Currently it is recommended to trade up with target at 1.4095 and further to 1.4201. Stop Loss should be placed below 1.3890. Up trading should be resumed after the MACD reverses to the upside.
In addition to technical image, one should take into account the fundamental data and the time of their release.
The chart annotation:
Ichimoku indicator:
Tenkan-sen — red line
Kijun-Sen — blue line
Senkou Span A — light brown stipple line
Senkou Span B — light purple stipple line
Chinkou Span — green line
Bollinger Bands indicator:
3 yellow lines
MACD indicator:
The red line and the histogram with white bars in the indicators window.
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