Let’s look at the four-hour chart. Tenkan-sen line has crossed Kijun-sen from below under the cloud, forming trend reversal pattern. Chinkou Span line is below the price chart; current Kumo-cloud is descending. The closest support level is Tenkan-sen line (1187.16). The next obstacle for the price on its way up will be the lower border of the cloud (1200.49).
On the daily chart Tenkan-sen line is above Kijun-sen, they are both horizontal. Chinkou Span line is following the price chart; the cloud is going to turn from ascending to descending. The pair has entered the cloud once again; its border become support (1184.26) and resistance (1194.64) levels.
Support levels: 1187.16, 1184.26.
Resistance levels: 1194.64, 1200.49.
On the four-hour chart we’ve got a signal to buy. Short-term long positions can be opened at current price with take-profits at 1200.49.
Analyst of LiteForex Investments Limited