4-hour timeframe
Overview:
The sell signal with target at 0.9781 is continuing. This signal is confirmed and strong as the price is below the Ishimoku cloud and the Chinkou Span is below the price chart. That is why the downward movement is more preferable now. The price has overcame the first support level of 0.9951 and the second support level of 0.9807 is the next target. In case the price rebounds from this level, the sideway trend or correction take place. If the price breaks through these support levels then it will set new target at 0.9678. If the price is above the Kijun-Sen (0.9950) that will denote the weakening of the current sell signal and the point to reduce long positions. The Chinkou Span is below the price chart, which is a confirmation of the current bearish attitude. The Bollinger Bands show the downside movement, the lines are diverging and directed down. The MACD is slightly ascending thus pointing tp the probable correction.
Trading recommendations:
Currently, it is recommended to trade short with the target at 1.3687. Stop-loss is set above 0.9950. If the MACD reverses down, we enter the market.
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.