EURUSD Intra-Day Technical Analysis - Flat with Triangle Broken for Possible Uptrend Continuing

EURUSD Intra-Day Technical Analysis - Flat with Triangle Broken for Possible Uptrend Continuing

29 October 2014, 14:44
Sergey Golubev
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H1 price is on primary bullish with secondary falt since yesterday evening floating between 1.2746 resistance and 1.2723 support levels.

Resistance
Support
1.2745
1.2723
1.2746
1.2705

H4 price is on secondary flat with the following details:

  • it located inside Ichimoku cloud/kumo above Senkou Span A line which is the border of the cloud. This is indicating the ranging market condition (because the price is inside kumo) with primary bullish (because the price is above Senkou Span A line which is vistual border between primary bearish and primary bullish on the chart).
  • triangle price pattern is broken for uptrend with nearest resistance as 1.2752 and next one is 1.2764

Resistance
Support
1.2752
1.2723
1.2764
1.2684
If H4 price will break 1.2752 resistance level so the secondary ranging will be finished with some possibility for primary bullish to be started.

If H4 price will cross 1.2764 resistance on close H4 bar so the bullish trend will be started with good possibility to open buy trade for example.
If not so we may see the ranging market condition within bullish (good for counyer-trend systems, martingale and scalping).

  • Recommendation for long: watch H4 price to break 1.2764 resistance for possible buy trade
  • Recommendation to go short: N/A
  • Trading Summary: ranging

SUMMARY : Bullish

TREND : ranging

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