SX5E: Ichimoku indicators analysis

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SX5E: Ichimoku indicators analysis
Scenario
TimeframeWeekly
RecommendationSELL
Entry Point4732.6
Take Profit4457.0
Stop Loss4845.3
Key Levels4631.6, 4781.6, 4631.6, 4781.6
SX5E: Ichimoku indicators analysis

Let's look at the four-hour chart. Tenkan-sen line is below Kijun-sen, the red line is directed downwards, while the blue one remains horizontal. Confirmative line Chikou Span is below the price chart, current cloud is descending. The instrument has broken down Tenkan-sen and Kijun-sen lines. One of the previous minimums of Chikou Span line is expected to be a support level (4631.6). One of the previous maximums of Chikou Span line is expected to be a resistance level (4781.6).


SX5E: Ichimoku indicators analysis

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 has crossed the price chart from above, current cloud has reversed from ascending to descending. The instrument has broken down the cloud and is still falling. One of the previous minimums of Chikou Span line is expected to be a support level (4631.6). One of the previous maximums of Chikou Span line is expected to be a resistance level (4781.6).


On the both charts the instrument is still falling. It is recommended to open short positions at current price with Take Profit at the level of previous minimum of Chikou Span line (4457.0) and Stop Loss at the level of Kijun-sen line (4845.3).


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