Analysis of the market situation, developed in previous trading sessions, shows the intersection of the Tenkan and Kijun lines. Typically, this signal indicates an upcoming increase, but subsequently the price fell below the Tenkan line.
The current situation
Let’s look at the main components of the indicator and their current values:
The Tenkan line remains above the Kijun line, but the price has fallen below these lines and is now holding below them.
The Kumo cloud is colored orange, indicating the market tendency to a continuing upward movement.
In addition, the price is above the Kumo cloud, which acts as a potential support zone.
Used by investors to identify a change in trend, the green Chikou line is above the price on the chart.
Trading recommendations:
Dynamic support levels are located on the Kijun line, near the 0.80973, the SenkouA line, at the 0.80810, and the SenkouB line, near the 0.80558.
The dynamic resistance level is on the Tenkan line, around the 0.81010 mark.
The indicator signals predominantly support the upward vector of movement, so the upward bounce from the defined support levels signals are prioritized intraday.
