EURUSD Technical Analysis 2015, 09.08 - 16.08: ranging bearish to key targets to be broken

EURUSD Technical Analysis 2015, 09.08 - 16.08: ranging bearish to key targets to be broken

10 August 2015, 10:11
Sergey Golubev
1
2 138

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

  • 1.0847 support level located below Ichimoku cloud and far below Senkou Span A line on the bearish area of the chart, and
  • 1.1113 resistance level located on the border between the primary bearish and the primary bullish on the chart.

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

D1 price - ranging within key levels:

  • Tenkan-sen line is below Kijun-sen line for bearish condition to be continuing.
  • Chinkou Span line is indicating the ranging bearish market condition by direction.
  • 'Reversal' Senkou Span line as the border between the primary bullish and the primary bearish on the chart is located far above the price and near 1.1113 resistance level which make the reversal of the price movement to the primary bullish to be very unlikely in the coming week.
  • The data of AbsoluteStrength indicator is estimating the ranging bearish condition.
  • Nearest key support levels are are 1.0847 and 1.0807.
  • Nearest key resistance levels are 1.1113 and 1.1277.

W1 price is on bearish market condition with secondary ranging between 1.0807 (W1) support level with 1.0461 as the next target, and 1.1466 (W1) resistance level.

MN price is on ranging bearish with 1.0461 support level.

If D1 price will break 1.0847 support level on close D1 bar so the bearish trend to be continuing for the week with secondary ranging market condition up to 1.0807 as a next bearish target.
If D1 price will break 1.0807 support level on close D1 bar so we may see good bearish breakdown of the price movement with next target as 1.0461.
If D1 price will break 1.1113 resistance level so the price will be reversed to the primary bullish market condition.
If not so the price will be on ranging between the levels.

  • Recommendation for long: watch close D1 price to break 1.1113 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
1.1113 (D1)
1.0847 (D1)
1.1466 (W1)
1.0807 (W1)
1.1466 (MN1)
1.0461 (MN1)

SUMMARY : bearish

TREND : ranging bearish

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