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 Kumo-cloud is descending. The pair has broken down the cloud, then slowed down its fall and been corrected above the red line, which is now a support level (1174.70). The closest resistance level is Kijun-sen line (1186.81).
On the daily chart Tenkan-sen and Kijun-sen lines are getting closer and can soon form a signal of trend reversal. However, the confirming Chinkou Span line is still below the price chart and current cloud is still descending. The pair has left the cloud, and is moving towards the level of 1149.00. The lower border of the cloud will be a resistance level (1187.43).
Support levels: 1174.70, 1149.00.
Resistance levels: 1186.81, 1187.43.
On the both charts the pair has slowed down its fall, however, Bearish trend can get new impetus. Pending sell orders can be placed at 1174.00 with targets at 1149.00 and stop-loss at 1180.00.Publication source