Let’s look at the four-hour 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 is trading within the downward trend and is moving towards the level of 1.7015. The closest resistance level is Tenkan-sen line (1.0820).
On the daily chart Tenkan-sen line is also below Kijun-sen, however, both lines are directed steeply down, reflecting the strength of the trend. Chinkou Span line is below the price chart; current cloud is descending. The closest resistance level is Tenkan-sen line (1.1056). One of the previous minimums of Chinkou Span line is expected to be a support level at 1.0700.
Support levels: 1.0715, 1.0700.
Resistance levels: 1.0820, 1.1056.
On the both charts Bearish trend is still strong and the pair continues to fall. Targets for the short positions are 1.0715 and 1.0700.
Analyst at LiteForex Investments Limited