SX5E: Ichimoku indicators analysis

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SX5E: Ichimoku indicators analysis
Scenario
TimeframeWeekly
RecommendationBUY
Entry Point4974.6
Take Profit5243.0
Stop Loss4899.1
Key Levels4915.1, 5028.2, 4899.1, 5048.7
SX5E: Ichimoku indicators analysis

Let's look at the four-hour chart. Tenkan-sen line has crossed Kijun-sen from above, the red line is directed downwards, while the blue one remains horizontal. Confirmative line Chikou Span is above the price chart, current cloud is ascending. 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 (4915.1). One of the previous maximums of Chikou Span line is expected to be a resistance level (5028.2).


SX5E: Ichimoku indicators analysis

On the daily chart Tenkan-sen line has crossed Kijun-sen from below, the red line is directed upwards, while the blue one remains horizontal. Confirmative line Chikou Span is above the price chart, current cloud is ascending. The instrument has been corrected to the Tenkan-sen line. The closest support level is Kijun-sen line (4899.1). One of the previous maximums of Chikou Span line is expected to be a resistance level (5048.7).


On the four-hour chart we can see a correction of the upward movement. On the daily chart we can see a correction of the downward movement. It is recommended to open long positions at current price with Take Profit at the level of previous maximum of Chikou Span (5243.0) line and Stop Loss at the level of Kijun-sen line (4899.1).


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