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The overall picture:
The downward trend is continuing. The target level on Ishimoku of 1.3991 was reached, also the price hit the major support level of 1.3820, but it did not strengthen below it. As the target level is achieved, it is reasonable to expect the tendency change. Moreover, the target level at the day chart is reached also. Now, if the price strengthens above Kijun-sen, it will weaken the current signal and will give a hope for upward movement. As for now, the level of 1.3820 is the downward trend target. In case of the price fixing lower than the major support level, the downward trend continuation with the target at 1.3722 is expected. Chinkou Span A is moving down that signals about possible descending movement continuation. Bollinger Bands is showing the downward trend – Bands are widening and down-directed that can signals about the downward trend continuation. MACD is also decreasing that witnesses about the descending movement.
Trading recommendations:
For now, it is recommended to bear with the target at 1.3820. In case of the price jumps over the level of 1.3820, the downward movement with the target of 1.3722 will continue. Stop loss to set above Kijun-sen that is above 1.4005.
The picture clarification:
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.