4-hour timeframe
Overview:
The sell signal with the target to 1.2949 is still presented. The current signal is strong and confirmed as the price managed to fixate below the Ishimoku Cloud and the Chinkou Span is below the price graph. In this case the first target for the downside motion is the second support level of 1.2824. The Kijun-Sen (1.3230) is the critical level below which the downwards tendency is still observed, it is recommended to cut short positions above this level. The Chinkou Span is below the price graph, thus confirming the current sell signal. Bollinger Bands show the continuation of the downtrend, the lines are diverging and directed down. MACD is descending, thus pointing to the current downwards motion.
Trading recommendations:
Currently it is recommended to trade down with a target to 1.3033 and further to 1.2824. Stop Loss is placed above 1.3230.
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.