4-hour timeframe
Overview:
At the moment the sell signal continues, it is targeted to 1,2159. The signal is confirmed and strong as the price is below the Ishimoku cloud and the Chinkou span has fixated below the price curve. That is why the first target level is 1,2159, and the following decline depends on whether the price hits the first support level of 1,2108, which is located next to the target level. it should be noted that the prior low is renewed that is why the descending movement continuation is likely. For the moment there are no signs of a pull back except the MACD uprise movement. However it may denote correction. If the price fixates above the Kijun –Sen, the sell signal will appear weakened. The Chinkou span is below the price chart which demonstrates a falling tendency. The Bollinger bands show the slide as the lines are diverging and directed downwards, which signals a descending motion. The MACD is increasing which determines the current uprising, probably, correctional movement.
Trading recommendations:
Currently, it is recommended to trade short with a target of 1,2159 as soon as the MACD recoils backwards, which will denote the finishing of the correction. The stop-loss should be placed above 1,2500.
The chart annotation:
Ishimoku indicator:
Tenkan-sen — red line
Kijun-Sen — blue line
Senkou Span A — light brown stipple line
Senkou Span B — light purple stipple line
Chinkou Span — green line
Bollinger Bands indicator:
3 yellow lines
MACD indicator:
The red line and the histogram with the white bars in the indicators window.
