EUR/USD is trading within the cloud, borders of which become support and resistance (1.1445) levels

February 2, 2015

EUR/USD, H4

Let’s look at the four-hour chart. Tenkan-sen and Kijun-sen lines have merged and stay horizontal, reflecting the uncertainty of the market. Chinkou Span line is approaching the price chart from above; current cloud is descending. The pair is trading within the cloud, borders of which become support and resistance (1.1445) levels.

EUR/USD, D1

On the daily chart Tenkan-sen line is below Kijun-sen, they are both horizontal. Chinkou Span line is below the price chart, current cloud is descending. The pair resumes downward trend with target of 1.1060. The closest resistance level is Tenkan-sen line (1.1380).

Key levels

Support levels: 1.1304, 1.1060.

Resistance levels: 1.1388, 1.1445.

Trading tips

On the four-hour chart the pair is trading within the cloud, on the daily one we can see a correction of the downward movement. Pending sell orders can be placed below the lower border of the cloud (1.1304) with target at 1.1060.

Publication source
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