12 December, 2013
On the four-hour chart Tenkan-sen line is below Kijun-sen, both lines are horizontal. Chinkou Span line is below the price chart; current cloud is descending. After long fall the price has been corrected above Tenkan-sen line, which becomes a support level at 0.8862. Kijun-sen line is the closest resistance level at 0.8912.
Let’s look at the daily chart. Tenkan-sen line has crossed Kijun-sen from above within the cloud, giving a signal to sell. Chinkou Span has crossed the price chart from above; current cloud has reversed from ascending to descending. The pair has broken down the cloud and is still falling. The closest resistance level is Tenkan-sen line at 0.8975. One of the previous minimums of the Chinkou Span line is expected to be a support level at 0.8780.
Support levels: 0.8862, 0.8780.
Resistance levels: 0.8912, 0.8975.
On the four-hour chart we can see a correction of the downward movement. On the daily chart Bearish movement is still strong. The target for the short positions is 0.8780.
Analyst of LiteForex Group of Companies
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