4-hour timeframe
Overview:
The buy signal with the target at 1.4188 is continuing. However the target level has been passed already and the signal weakened. As the price fixated below the Kidjun-Sen and the signal weakened, then the sell signal should be expected soon. , so the trading up is out of the question. In case the sell signal forms, the first target for the downside movement will be the first level of 1.3836. Otherwise, the current buy signal will strengthen, however it is unlikely. The Chinkou Span is above the price graph, thus confirming the current buy signal. The Bollinger Bands show the sideways movement, the lines are diverging and directed sideways. The MACD is descending, thus indicating the current downwards motion.
Trading recommendations:
Currently, it is recommended to wait for the sell signal. In case this signal is strong then the first target for the downwards movement will be the level of 1.3836.
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.