Technical analysis and trading recommendations for the EUR/USD currency pair for April 23

The downward movement is continuing. The “sell” signal has the target of 1.3386, which is finished off. Therefore, the tendency reversal is expected in the nearest time. The price curve lies below Ishimoku and Chinkou Span – below the price curve that significantly strengthens the current signal. The price overcame two support levels and was held by the third support level of 1.3196. At present, a correction can take place, as the price has not managed to overcome the level of 1.3196. If the price fixates above Kijun-sen, the “sell” signal will weaken and it will be time for closing short positions. But for now, the signal is not eased and it is advisable to consider sales. In case of the price position below the third support level the target of the movement will be at 1.2975. Chinkou Span is placed below the price curve testifying bear sentiment. Bollinger bands point out a decreasing tendency – the bands are diverging and down-directed that signals about possible continuation of the downward movement. MACD is moving down indicating the current descendant motion.
Trading recommendations:

In such situation, it is advisable to bear with the target at 1.2975, but only after the price curve fixation below 1.3196. Stop loss to set above 1.3365. Also, we should pay attention to the fact that a correction is possible.

4-hour timeframe

The chart annotation:
Ishimoku indicator:
Tenkan-sen — red line
Kijun-Sen — blue line
Senkou Span A — light brown stipple line
Senkou Span B — light purple stipple line
Chinkou Span — green line
Bollinger Bands indicator:
3 yellow lines
MACD indicator:
The red line and the histogram with the white bars in the indicators window.

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