This post does not provide financial advice. It is for educational purposes only!
You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority.
Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
As you can see, in the daily chart we have a bullish trend. It means that we should search for buy opportunities in order to join the uptrend.
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The price broke the Senkou B line, and we could use this signal to open long positions.
If you missed this opportunity, we have to wait for a correction to other lines like Kijun and Senkou A. It will be possible if the price drops below the Tenkan line, which now holds the market.
If we talk about the best entry zone, it is formed by the local uptrend line and the cloud. Reversal signals from this zone will be good to open long positions in the direction of the main uptrend.
- RSI gives us a bearish signal. So, don’t be surprised to see the downward movement within this week.
At the moment, the pair is gaining 0.05% at 1.1100 and faces the next up barrier at 1.1134 (200-day SMA) followed by 1.1172 (weekly high Jan.16) and finally 1.1186 (61.8% of the 2017-2018 rally).
On the downside, a breakdown of 1.1076 (weekly/2020 low Jan.20) would target 1.1066 (100-day SMA) en route to 1.1039 (low Dec.6 2019).