Let’s look at the four-hour chart. Tenkan-sen line has crossed Kijun-sen from above, forming trend reversal pattern. Confirmative Chinkou Span line is approaching the price chart from above; current Kumo-cloud is ascending. The pair is trading around Kijun-sen line, the closest support level is Tenkan-sen line (49.33). One of the previous maximums of Chinkou Span line is expected to be a resistance level at (53.35).
On the daily chart Tenkan-sen and Kijun-sen lines have merged together under the cloud and can form either a signal to sell or to buy. Confirmative Chinkou Span line is approaching the price chart from below and current cloud is descending. The pair has overcome the red and the blue lines and is moving towards the upper border of the cloud at 54.83. The closest resistance level is Tenkan-sen line (48.22).
Support levels: 49.33, 48.22.
Resistance levels: 53.35, 54.83.
On the four-hour chart the pair is starting to reverse downwards, while on the daily chart the trend can soon change to the Bullish one. Short-term sell positions can be opened at 49.00 with targets at 47.60 and stop-losses at 50.40. Mid-term buy positions can be opened at current price with targets at 54.83 and stop-loss at 48.22.