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Weekly price is on bearish market condition with below of 100-period SMA and 200-period SMA ranging between key s/r levels:
- the price crossed 1.1215 support level on close weekly bar for the 1.0807 as the next target to the way to 1.0461;
- descending triangle pattern was fomed with 1.0807 support level;
- Nearest support levels are 1.0807 and 1.0461;
- Nearest resistance levels are 1.1464 and 1.2568.
| Resistance | Support |
|---|---|
| 1.1464 | 1.0807 |
| 1.2568 | 1.0461 |
- if weekly price
breaks 1.1464 resistance so we may see
the secondary rally within the primary bearish market condition;
- if weekly price breaks 1.2568 resistance so the price will be fully reversed to the primary bullish market condition;
- if weekly price breaks 1.0807 support level so the primary bearish will be continuing without up to 1.0461 as the next bearish target;
- if not so the price will be range within the levels.
