17 February, 2015
Let’s look at the four-hour chart. Tenkan-sen line is above Kijun-sen, they are both horizontal. Chinkou Span line is approaching the price chart from above; current Kumo-cloud is ascending. The pair is slowly rising, being corrected along the way. Tenkan-sen line is the closest resistance level (0.9234). Support level will be Kijun-sen line (0.9296).
On the daily chart Tenkan-sen line is above Kijun-sen, both lines are horizontal. Chinkou Span line is approaching the price chart from below; current Kumo-cloud is ascending. The pair is trading within a sideways channel. Tenkan-sen line is the closest support level (0.9269). The next obstacle for the price on its way up will be the lower border of the cloud (0.9829).
Support levels: 00.9269, 0.9296.
Resistance levels: 0.9234, 0.9829.
On the four-hour chart the pair is slowly moving upwards, but on the daily one we can see a correction of the downward trend. Even if the pair continues to trade within a sideways channel, price chart will break through the cloud at the end of the week, giving a signal to buy. Meanwhile, short-term buy positions can be opened at current price with targets around 0.9322.
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