MN price:
Chinkou Span line of Ichimoku indicator came to be very near with the price to be ready for crossing it from above to below for good breakdown. The nearest support level is 1.2571 which is almost ready to be crossed by the price on open bar too for example.
This situation is very interesting because of the following:
- if Chinkou Span crosses the price from above to below with the current MN bearish market condition together with the price for breaking 1.2571 support level so we may see the bearish for this pair up to the end of this eyar and for the next year as well. And we may call next 2015 year as "EURUSD Bearish Year" :)
- if not so we may see the secondary ranging or market rally within primary bearish (I am talking about monthly timeframe only).
If we look at weekly chart so we may see key psy support level as 1.2500:
To make it shortly - watch the price for breaking 1.2571 on MN1 timeframe on close bar together with breaking 1.2500 on W1 timeframe on close bar too. If it's happened so forget about buy trade for any trend following trading system for the next 2015 year! Sell trade only! Of course, if you are using counter trend systems, or martingale, or scalping so the next year will be good for you to make a profit with this situation.
- Recommendation for short: watch MN1 price to break 1.2571 support for possible sell trade
- Recommendation
to go long: N/A
Trading Summary: bearish
