EURUSD Technical Analysis 2015, 02.08 - 09.08: ranging within key levels for direction

EURUSD Technical Analysis 2015, 02.08 - 09.08: ranging within key levels for direction

3 August 2015, 10:11
Sergey Golubev
3
1 058

Daily price is on bearish market condition for ranging between the following s/r levels:

  • 1.0807 key support level located below Ichimoku cloud and far below Senkou Span A line on the bearish area of the chart, and
  • 1.1436 resistance level located far above Ichimoku cloud on the bullish area of the chart.

Chinkou Span line is indicating the ranging market condition by direction.

D1 price - ranging:

  • Tenkan-sen line is located below Kijun-sen line for bearish condition to be continuing.
  • Chinkou Span line is indicating the ranging market condition by direction.
  • 'Reversal' Senkou Span A line as the border between the primary bullish and the primary bearish on the chart is located far above the price and near 1.11 level which make the reversal of the price movement to the primary bullish to be very possible in near future.
  • The data of AbsoluteStrength indicator is estimating the ranging bearish with market rally as a local uptrend to be started.
  • Nearest key support levels are are 1.0807 and 1.0461.
  • Nearest key resistance levels are 1.1436 and 1.1533.

W1 price is on bearish market condition with secondary ranging between 1.0807 (W1) support level and 1.1436 (W1) resistance level.

MN price is on ranging bearish with 1.0461 support level.

If D1 price will break 1.0807 support level on close D1 bar so the bearish trend to be continuing for the week up to 1.0461 as a next target.
If D1 price will break 1.1436 resistance level so the price will be on strong bullish market condition with next target as 1.1533.
If not so the price will be on ranging between 1.0807 and 1.1436 levels.

  • Recommendation for long: watch close D1 price to break 1.1436 for possible buy trade
  • Recommendation to go short: watch D1 price to break 1.0807 support level for possible sell trade
  • Trading Summary: ranging
Resistance
Support
1.1436 (D1)
1.0807 (D1)
1.1436 (W1)
1.0807 (W1)
1.1533 (MN1)
1.0461 (MN1)


SUMMARY : bearish
TREND : ranging bearish

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