EURUSD Technical Analysis 2015, 06.06 - 13.09: correction with possible bearish reversal

EURUSD Technical Analysis 2015, 06.06 - 13.09: correction with possible bearish reversal

7 September 2015, 09:11
Sergey Golubev
2
1 018

Daily price is on primary bullish for secondary correction: the price was stopped by 1.1086 support level located on the upper border of Ichimoku cloud with 1.0847 as the next bearish target located below Ichimoku cloud in the bearish area of the chart. if the price breaks 1.1086 on close daily bar so we may see the reversal of the price movement to the primary bearish market condition with the secondary ranging: the price will be located indie Ichimoku cloud; if not so the ranging bullish trend will be continuing.

D1 price - correction with possible bearish reversal:

  • Tenkan-sen line is above Kijun-sen line for bullish market condition.
  • Absolute Strength indicator's data is estimating the ranging condition.
  • Chinkou Span line is located above and near the price and indicating the ranging market condition by direction.
  • 'Reversal' Senkou Span line as the border between the primary bullish and the primary bearish on the chart is located near and below the price.
  • Nearest key support levels are 1.1086 and 1.0847.
  • Nearest key resistance levels are 1.1331 and 1.1713.

W1 price is on bearish market condition with secondary ranging between 1.0807 bearish support level and 1.1713 bullish resistance level.

MN price is on ranging bearish with 1.0461 support level.

If D1 price will break 1.1086 support level on close D1 bar so we may see the reversal of the price movement to the primary bearish market condition with secondary ranging (ranging bearish).
If D1 price will break 1.1331 resistance level so the bullish trend will be continuing.
If not so the price will be on ranging between the levels (ranging bullish).

  • Recommendation for long: watch close D1 price to break 1.1331 for possible buy trade
  • Recommendation to go short: watch D1 price to break 1.1086 support level for possible sell trade
  • Trading Summary: ranging
Resistance
Support
1.1331
1.1086
1.1713
1.0847
1.2069
1.0461

SUMMARY : correction

TREND : ranging
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