EUR/TRY: Ichimoku indicators analysis
| Scenario | |
|---|---|
| Timeframe | Intraday |
| Recommendation | SELL |
| Entry Point | 37.64965 |
| Take Profit | 37.40468 |
| Stop Loss | 37.84000 |
| Key Levels | 37.20000, 37.40468, 37.84000, 37.87500 |
Let's look at the four-hour chart. Tenkan-sen line is above Kijun-sen, both lines are directed downwards. Confirmative line Chikou Span is below the price chart, current cloud is ascending. The instrument is trading below Tenkan-sen and Kijun-sen lines; the Bearish trend is still strong. The closest support level is Tenkan-sen line (37.84000). One of the previous maximums of Chikou Span line is expected to be a resistance level (37.40468).
On the daily chart Tenkan-sen line is above Kijun-sen, the lines are horizontal . Confirmative line Chikou Span has crossed the price chart from above, current cloud is ascending. The instrument is trading around upper border of the cloud. The closest support level is Kijun-sen line (37.87500). The closest resistance level is the lower border of the cloud (37.20000).
On the four-hour chart the instrument is still falling. On the daily chart we can see a correction of the upward movement. It is recommended to open short positions at current price with Take Profit at the level of previous minimum of Chikou Span line (37.40468) and Stop Loss at the level of Kijun-sen line (37.84000).
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