EUR/NZD: Ichimoku clouds 06 February 2019, 20:55

EUR/NZD: Ichimoku clouds

06 February 2019, 20:55

Scenario
Timeframe	Intraday
Recommendation	SELL
Entry Point	1.6643
Take Profit	1.6508
Stop Loss	1.6719
Key Levels	1.6508 1.6578 1.6703 1.6719

Let's look at the four-hour chart. Tenkan-sen line has crossed Kijun-sen from below, the lines are horizontal . Confirmative line Chikou Span is crossing the price chart from below, current cloud is descending. The instrument is trading around lower border of the cloud. Merged Tenkan-sen and Kijun-sen lines have become a strong support level (1.6578). The closest resistance level is the lower border of the cloud (1.6703).



On the daily chart Tenkan-sen line is below Kijun-sen, both lines are directed downwards. Confirmative line Chikou Span is below the price chart, current cloud is descending. The instrument is trading below Tenkan-sen and Kijun-sen lines; the Bearish trend is still strong. One of the previous minimums of Chikou Span line is expected to be a support level (1.6508). The closest resistance level is the upper border of the cloud (1.6719).

On the both charts the instrument is still falling. It is recommended to open short positions at current price with the target at the level of previous minimum of Chikou Span line (1.6508) and Stop Loss at the lower border of the cloud (1.6719).