EURUSD H1: The Ichimoku Forecast for the European Session at 4.12.2024
04.12.2024 09:01
Technical
One of the main signals of previous trading sessions was the intersection of the Tenkan and Kijun llines, This area is marked with a pink square on the graph. The rise of the Tenkan line above the Kijun line is a positive signal, which may indicate a possible change in the trend to an upward one.
The second most important signal is a change in the direction of movement of the cloud Kumo. This signal is marked on the chart with a vertical purple line. The orange color of the cloud indicates a change in the priority direction of movement to upward.
The current situation:
Let's look at the main components of the indicator and their current values:
The price is above the Tenkan and the Kijun lines. It indicates positive market sentiment.
The Kumo cloud is colored orange, indicating the market tendency to a continuing upward movement.
The price entered the Kumo cloud, which may indicate a possible trend change or a development a lateral drift phase. The SenkouA and SenkouB lines act as support and resistance. To clarify the market situation, it is worth waiting until the price fixes outside of the cloud.
The Chinkou line is now below the current price.
Trading recommendations:
The dynamic support level is on the Tenkan line, around the 1.05082 mark, the Kijun line, around the 1.05076 mark, and the SenkouBline, at the1.05286 mark.
The dynamic resistance level is on the SenkouB line, around the 1.05286 mark.
The indicator signals predominantly support the upward vector of movement, so the upward bounce from the defined support levels signals are prioritized intraday.
The second most important signal is a change in the direction of movement of the cloud Kumo. This signal is marked on the chart with a vertical purple line. The orange color of the cloud indicates a change in the priority direction of movement to upward.
The current situation:
Let's look at the main components of the indicator and their current values:
The price is above the Tenkan and the Kijun lines. It indicates positive market sentiment.
The Kumo cloud is colored orange, indicating the market tendency to a continuing upward movement.
The price entered the Kumo cloud, which may indicate a possible trend change or a development a lateral drift phase. The SenkouA and SenkouB lines act as support and resistance. To clarify the market situation, it is worth waiting until the price fixes outside of the cloud.
The Chinkou line is now below the current price.
Trading recommendations:
The dynamic support level is on the Tenkan line, around the 1.05082 mark, the Kijun line, around the 1.05076 mark, and the SenkouBline, at the1.05286 mark.
The dynamic resistance level is on the SenkouB line, around the 1.05286 mark.
The indicator signals predominantly support the upward vector of movement, so the upward bounce from the defined support levels signals are prioritized intraday.