Scenario
Timeframe - Intraday
Recommendation - SELL STOP
Entry Point - 1.1220
Take Profit - 1.1110
Stop Loss - 1.1400
Key Levels - 1.1250, 1.1275
Alternative scenario Recommendation - BUY STOP
Entry Point - 1.1400
Take Profit - 1.1535
Stop Loss - 1.1220
Key Levels - 1.1250, 1.1275
Let's look at the four-hour chart. Tenkan-sen line is above Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is above the price chart, current cloud is going to reverse from descending to ascending. The instrument has entered the cloud. The closest support level is the lower border of the cloud (1.1250). The closest resistance level is the lower border of the cloud (1.1275)
On the daily chart Tenkan-sen and Kijun-sen lines have merged, the lines are horizontal . Confirmative line Chikou Span is approaching the price chart from below, current cloud is going to reverse from ascending to descending. The instrument has entered the cloud. The closest support level is the lower border of the cloud (1.1220). The closest resistance level is the lower border of the cloud (1.1400)
On the both charts the instrument is still falling. It is not recommended to open positions at current price. Pending orders should be placed at the cloud’s borders: sell at the level of 1.1220, with Take Profit at 1.1110 and Stop Loss at 1.1400; buy at the level of 1.1400, with Take Profit at 1.1535 and Stop Loss at 1.1220