EUR/USD: bearish breakdown or intra-day bullish reversal. The price for M30 timeframe is located below 100 period SMA (100 SMA) and below 200 period SMA (200 SMA) for the bearish market condition. Descending triangle pattern was formed by the price to be crossed for the bearish trend to be continuing. There are the following key reversal support resistance levels:
- 1.0973 key resistance level located on the border between the primary bearish and the primary bullish on the chart; if the price crosses this level from below to above so we may see the bullish reversal of the price movement; and
- 1.0807 key support level located far below 100 SMA/200 SMA in the bearish area of the chart; if the price crosses this level from above to below so the bearish trend will be continuing without ranging up to the new 'bottom' to be forming by the price on the way.
RSI indicator is estimating the ranging market condition to be continuing.
- if the price
breaks 1.0973 resistance so the price will be reversed from the
primary bearish to the primary bullish market condition;
- if the price breaks 1.0807 support level so the primary bearish will be continuing without ranging up to the new 'bottom' to be forming;
- if not so the price will be moved within the channel.
| Resistance | Support |
|---|---|
| 1.0939 | 1.0833 |
| 1.0973 | 1.0807 |
