EURUSD Technical Analysis 2015, 07.06 - 14.06: correction within the bullish trend with possible reversal
Daily price is on primary bullish with the secondary correction which
just started on D1 bar on Friday. The price is located above Ichimoku
cloud/kumo, and Chinkou Span line is crossing the price from above to
below for good possible breakdown.
- Tenkan-sen line crossed with Kijun-sen line from above to below for local downtrend/correction on D1 timeframe.
- Chinkou Span line is crossing the price from above to below for possible breakdown of the price movement in the near future.
- 'Reversal'
Senkou Span A line as the border between primary bullish and the
primary bearish on the chart is located below and very close the price
for possible reversal it to the bearish market condition.
- Nearest key support level is 1.0818 (D1)
- Nearest resistance level is 1.1379 (D1)
W1 price
is on bearish market condition with secondary ranging between 1.0520
(W1) support level and 1.1466 (W1) resistance level
MN price
is on ranging bearish with 1.0461 support level
If D1 price will break 1.0818
support level on close D1 bar so the price will be fully reversed to the primary bearish market condition.
If D1 price will break 1.1379 resistance level so the bullish trend will be continuing
If not so the price will be on ranging between 1.0818 and 1.1379 levels
- Recommendation for long: watch close D1 price to break 1.1379 for possible buy trade
- Recommendation to go short: watch D1 price to break 1.0818 support level for possible sell trade
- Trading Summary: correction
| Resistance | Support |
|---|---|
| 1.1379 (D1) | 1.0818 (D1) |
| 1.1466 (W1) | 1.0520 (W1) |
| 1.2886 (MN1) | 1.0461 (MN1) |
SUMMARY : correction within the bulluish trend with possible reversal to the bearish
TREND : bullish
