GBPUSD H1: The Ichimoku Forecast for the European Session at 21.11.2024
21.11.2024 09:16
Technical
The key moment of previous trading sessions was the intersection of the Tenkan and Kijun lines. This signal is marked on the chart with a pink square and indicates a change in the trend to a downward one. However, subsequently the price was noted to have risen above the Tenkan line, indicating weakness in the downward momentum.
The second most important signal is the change in direction of the Kumo cloud, marked with a vertical purple line. A change in the color of the cloud to lilac indicates a transition of the priority direction of movement to downward.
The current situation:
Let's look at the main components of the indicator and their current values:
The price is now positioned between the Tenkan and the Kijun lines, indicating a temporary consolidation before a potential resumption of the trend.
The Kumo cloud is colored lilac. It indicates the priority of the downward vector of price movement.
The price is below the Kumo cloud, which is now acting as a resistance area for the price.
Used by investors to identify a change in trend, the green Chinkou line is above the price on the chart.
Trading recommendations:
The dynamic support level is on the Tenkan line, around the 1.26509 mark.
Dynamic resistance levels are located on the Kijun line, near the 1.26722, the SenkouA line, at the 1.26682 mark, and the SenkouB line, near the 1.26538 mark.
The indicator signals support a downward vector of price movement, so the search for the short positions entry points should be prioritized.
The second most important signal is the change in direction of the Kumo cloud, marked with a vertical purple line. A change in the color of the cloud to lilac indicates a transition of the priority direction of movement to downward.
The current situation:
Let's look at the main components of the indicator and their current values:
The price is now positioned between the Tenkan and the Kijun lines, indicating a temporary consolidation before a potential resumption of the trend.
The Kumo cloud is colored lilac. It indicates the priority of the downward vector of price movement.
The price is below the Kumo cloud, which is now acting as a resistance area for the price.
Used by investors to identify a change in trend, the green Chinkou line is above the price on the chart.
Trading recommendations:
The dynamic support level is on the Tenkan line, around the 1.26509 mark.
Dynamic resistance levels are located on the Kijun line, near the 1.26722, the SenkouA line, at the 1.26682 mark, and the SenkouB line, near the 1.26538 mark.
The indicator signals support a downward vector of price movement, so the search for the short positions entry points should be prioritized.