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Weekly price is on bearish market condition with below of 100-period SMA and 200-period SMA with the secondary ranging:
- the price is ranging between the following key levels: 1.4565 support and 1.6021 resistance;
- symmetric triangle pattern is going to be crossed by the price from above to below for the bearish condition to be continuing;
- if the price will break 1.6021 resistance level located near 100-SMA and 200-SMA on the border of reversal zones so it will be the primary reversal for the price to the bullish condition, otherwise - bearish ranging;
- Nearest support levels are 1.5169 (W1) and 1.4565 (W1);
- Nearest resistance levels are 1.5929 (W1) and 1.6021 (W1).
| Resistance | Support |
|---|---|
| 1.5929 (W1) | 1.5169 (W1) |
| 1.6021 (W1) | 1.4565 (W1) |
- if weekly price
breaks 1.6021 resistance so we may see
the primary reversal of the price movement to the bullish market condition;
- if weekly price breaks 1.4565 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 of the levels.
