Let’s look at the four-hour chart. Tenkan-sen line is below Kijun-sen, they are both turning downwards once again. Chinkou Span line is below the price chart; current Kumo-cloud is descending. After another correction the pair resumes its movement towards the level of 1.4685. The closest resistance level is Tenkan-sen line (1.4800).
On the daily chart Tenkan-sen line is also below Kijun-sen, however, the blue line is horizontal, while the red one is directed downwards.. Chinkou Span line is below the price chart, current cloud is descending. The closest resistance level is Tenkan-sen line (1.4977). One of the previous minimums of Chinkou Span line is expected to be a support level at 1.4640.
Support levels: 1.4685, 1.4640.
Resistance levels: 1.4800, 1.4977.
On the both charts Bearish trend is still strong. Targets for the short positions are 1.4685 and 1.4640.
Analyst at LiteForex Investments Limited