The price is on primary bullish market condition with secondary flat started from February till August this year. This secpondary flat was finished by prebious month and the price is started to move in uptrend ranging between 100.75 support and 109.84 resistance levels.
- if MN1 price will cross 109.84 resistance from below to above on close monthly bar so the bullish trend will be continuing for whole the next year for example.
- if MN1 price will break 100.75 support level from above to below so we may see good secondayr correction within primary bullish.
- if not so we may see the secondary ranging market condition for all timeframes with this pair.
|110.08 ||100.75 |
If we look at weekly chart so we can see the bullish as well with the correction started previous week on close W1 bar.
To make it shortly - I am expecting the secondary ranging market condition with the primary bullish for the next year which may be good for martingale systems, for counter trend strategies and for scalping for example.
- Recommendation for short: watch MN1 price to break 100.75 support for possible sell trade
to go long: watch MN1 timeframe for the price to break 109.84 resistance level for possible buy trade.
Trading Summary: ranging bullish
If we look at patterns for MN1 timeframe so we can see bullish Retracement pattern which was already formed:
and just forming Retracement patterns for bearish:
Thus, I think - most effective way to know about where the price will go to the next year is watching the levels for MN1 timeframe. But my expectation is ranging bullish.