4-hour timeframe
Overview:
The situation looks like with the euro. The sale signal formed during the flat, canceled and then a new signal with the target at 1.5473 shaped. The purchase signal is solid and confirmed, which is indicated by the price position regarding Ishimoku indicator and Chinkou Span placement above the price curve. The price increased above the first resistance level of 1.5185, therefore, the further movement has the target at 1.5307, the second resistance level. If the price fixes below Kijun-sen, the current signal will ease. Bollinger bands show an uptrend, the bands are diverging and up-directed. MACD is rising up testifying to the current increasing motion.
Trading recommendations:
In the existing situation, bullish trading with the target at 1.5307 is advisable. Stop loss to place below 1.5100. If MACD reverses downwards, long positions are better to close manually.
Besides the technical picture, the fundamental reports and time of their release should be taken into account also.
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.