W1 price is below 200 period SMA
(200-SMA) and below 100 period SMA (100-SMA) for the primary bearish market
condition with the secondary ranging within Fibo support level at 0.8293
and 38.2% Fibo resistance level at 0.8794:
- the price was ranging between 100-SMA and 200-SMA since end of May this year, and 200-SMA was broken by price from above to below in the end of August so the price came to the bearish area of the chart;
- price is ranging for now between Fibo support level at 0.8293
and 38.2% Fibo resistance level at 0.8794: if 0.8293 support level is broken so the bearish market condition will be continuing; if 0.8794 is broken so we may see the reversal of the price movement to the ranging bullish market condition;
- RSI indicator is estimating ranging bearish.
If the price will break Fibo support level at 0.8293
so the primary bearish trend will be continuing.
If the price will break 38.2% Fibo resistance level at 0.8794 from below to above so the primary bullish trend will be started with the secondary ranging.
Trend:
