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; Senkou Span A and Senkou Span B lines have almost
merged prior to the cloud reversal. The pair has broken down the cloud and I still falling.
The lower border of the cloud (1.2371) is the closest resistance level. One of the previous
minimums of Chinkou Span line is expected to be a support level (1.2259).
On the daily chart Tenkan-sen line is below Kijun-sen, both lines are horizontal. Chinkou Span
line is below the price chart, current cloud is descending. Aftre long correction the pair resumes
downward trend with target of 1.2061. The closest ressitance level is Tenkan-sen line (1.2407).
Support levels: 1.2259, 1.2061.
Resistance levels: 1.2371, 1.2407.
On the four-hour chart we’ve got a strong signal to sell, and on the daily chart the pair
continues to fall. Target for the short-term sell positions is 1.2259, for long-term sales – 1.2061.