EUR/TRY: Ichimoku indicators analysis
| Scenario | |
|---|---|
| Timeframe | Intraday |
| Recommendation | SELL |
| Entry Point | 37.4845 |
| Take Profit | 37.2216 |
| Stop Loss | 37.5681 |
| Key Levels | 37.4196, 37.5173, 37.1077, 37.8251 |
Let's look at the four-hour chart. Tenkan-sen line is below Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is below the price chart, current cloud is descending. 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 (37.4196). The closest resistance level is Tenkan-sen line (37.5173).
On the daily chart Tenkan-sen and Kijun-sen lines have merged, the red line is directed downwards, while the blue one remains horizontal. Confirmative line Chikou Span is crossing the price chart from above, current cloud is ascending. The instrument has entered the cloud. Borders of the cloud serve as the closest support (37.1077) and resistance (37.8251) levels
On the four-hour chart the instrument is still falling. On the daily chart we can see the beginning of the trend reversal. It is recommended to open short positions at current price with Take Profit at the level of previous minimum of Chikou Span line (37.2216) and Stop Loss at the level of Kijun-sen line (37.5681).
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.