4-hour timeframe
Overview:
The buy signal with the target at 1.4188 is continuing. The Bollinger bands are diverging and directed upwards indicating the continuation of the uprising movement. The signal is strong and confirmed, as the price is above the Ishimoku Cloud and the Chinkou Span has fixated above the price graph recently. The first resistance level of 1.4105 is a target for the uptrend. In case the price fixates above this level, we will have the next target for movement at 1.4188. Otherwise, the correction can start. The critical level for the current upwards tendency is 1.3920 (Kidjun-Sen), below which the buy signal will weaken. The Chinkou Span is above the price graph confirming the current buy signal. The Bollinger Bands show the uprising motion, the lines are diverging and directed upside. The MACD is ascending, thus pointing to the resumption of uptrend.
Trading recommendations:
Currently, it is recommended to trade up with the target at 1.4105. The stop loss is set below 1.3920. In case the MACD turns downside the long positions should be cut.
In addition to technical image, one should take into account the fundamental data and the time of their release.
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.
