Despite the correction, the pair wasnt able to break through the resistance level

January 12, 2015

EUR/USD, H4

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 cloud is descending. Despite the correction, the pair wasn’t able to break through the resistance level of Kijun-sen (1.1861). One of the previous minimums of Chinkou Span line is expected to be a support level (1.1745).

EUR/USD, D1

On the daily chart Tenkan-sen line is also below Kijun-sen, the red line is directed downwards, while the blue one remains horizontal. Chinkou Span line is below the price chart, current cloud is descending. The pair resumes downward trend with target of 1.1725. The closest resistance level is Tenkan-sen line (1.1970).

Key levels

Support levels: 1.1745, 1.1725.

Resistance levels: 1.1861, 1.1970.

Trading tips

On the both charts downward trend is still strong. Targets for the sell positions are 1.1745 and 1.1725.

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