Let’s look at the four-hour chart. Tenkan-sen line is below Kijun-sen, red line is directed
downwards while the blue one remains horizontal. Chinkou Span line is below the price chart;
current Kumo-cloud is descending. The pair has been corrected above Kijun-sen line (0.9631)
and lower border of the cloud becomes the next resistance level at 0.9700.
On the daily chart Tenkan-sen line is above Kijun-sen, both lines are horizontal. Chinkou Span
line follows the price chart; current Kumo-cloud is ascending. The pair has bounced off the
upper border of the cloud (0.9596) and is still consolidating above it. The closest resistance
level is Kijun-sen line at 0.9674.
Support levels: 0.9631, 0.9596.
Resistance levels: 0.9674, 0.9700.
On the four-hour chart the breakthrough of Kijun-sen line may be the first sign of trend
reversal. Short-term long positions can be opened at current price with targets around 0.9700.Publication source