EUR/CAD: Ichimoku indicators analysis
Let's look at the four-hour chart. Tenkan-sen line has crossed Kijun-sen from below, the lines are horizontal . Confirmative line Chikou Span has crossed the price chart from below, current cloud has reversed from ascending to descending. The instrument is trading around upper border of the cloud. The closest support level is Tenkan-sen line (1.5052). One of the previous maximums of Chikou Span line is expected to be a resistance level (1.5129).
On the daily chart Tenkan-sen line has crossed Kijun-sen from below, the lines are horizontal . Confirmative line Chikou Span is below the price chart, current cloud is ascending. The instrument has broken through Tenkan-sen and Kijun-sen lines. The closest support level is Kijun-sen line (1.5024). One of the previous maximums of Chikou Span line is expected to be a resistance level (1.5228).
On the four-hour chart we can see a correction of the upward movement. On the daily chart we can see a correction of the downward movement. It is recommended to open long positions at current price with Take Profit at the level of previous maximum of Chikou Span (1.5240) line and Stop Loss at the level of Kijun-sen line (1.5077).
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