Sep 15, 2020, 12:33:26 AM

EUR/CAD: Ichimoku clouds

Let's look at the four-hour chart. Tenkan-sen line is above Kijun-sen, both lines are directed upwards. Confirmative line Chikou Span is above the price chart, current cloud is ascending. The instrument is trading above Tenkan-sen and Kijun-sen lines; the Bullish trend is still strong. The closest support level is Kijun-sen line (1.5583). One of the previous maximums of Chikou Span line is expected to be a resistance level (1.5753).

On the daily chart Tenkan-sen line is below Kijun-sen, the blue line is directed downwards, while the red one remains horizontal. Confirmative line Chikou Span is approaching the price chart from below, current cloud is ascending. The instrument is trading above Tenkan-sen and Kijun-sen lines; the Bullish trend is still strong. One of the previous minimums of Chikou Span line is expected to be a support level (1.5423). One of the previous maximums of Chikou Span line is expected to be a resistance level (1.5975).

On the four-hour chart the instrument is still rising. On the daily chart we can see a correction of the upward movement. It is recommended to open long positions at current price with Take Profit at the level of previous maximum of Chikou Span (1.5583) line and Stop Loss at the level of Kijun-sen line (1.5753).