This trading week was ended with market rally: the price was moved on local uptrend within the primary bearish and stopped by 1125.73 resistance level. For now the price is ranging between 1125.73 resistance and 1077.20 support.
D1 price is on primary bearish with market rally started in the beginning of this week:
- Chinkou Span line is located below the price indicating the ranging market condition by direction.
- 'reversal' Senkou Span line is located far above the price which makes the bullish reversal to be unlikely for the coming week.
- If price breaks 1125.75 resistance on close daily bar from below to above so the market rally as the local uptrend will be continuing; if the price breaks 1077.20 support from above to below so the primary bearish breakdown will be started.
SUMMARY : ranging bearish