Daily price broke Ichimoku cloud from below to above on Friday with good bullish breakout and came to the bullish area of the chart: price was stopped by 1156.65 resistance level for the ranging market condition with the following key support/resistance levels:
- 1170.06 key resistance level located far above Ichimoku cloud in the primary bullish area of the chart;
- 1098.68 key support level located far below Ichimoku cloud in the primary bearish area of the chart.
Daily price broke Ichimoku cloud today once again from above to below on open bar to be inside the cloud for the ranging market condition. Intermediate
s/r levels for this pair on the way to the key s/r are the following:
1156.65 bullish resistance and 1121.25 bearish support level.
D1 price - ranging bullish:
- Tenkan-sen line is below Kijun-sen line for the possible bearish condition or for secondary correctional movement.
- Absolute Strength indicator's data is estimating the bullish condition.
- Chinkou Span line is indicating the ranging condition by direction.
- 'Reversal' Senkou Span line as the border between the primary bullish and the primary bearish on the chart is located to be near market price.
- Nearest support levels are 1121.25 and 1098.68.
- Nearest resistance levels are 1156.65 and 1170.06.
If D1 price will break 1098.68
support level on close D1 bar so we may see the bearish market condition.
If D1 price will break 1170.06 resistance level so the bullish trend will be continuing.
If not so the price will be on ranging between the levels.
- Recommendation for long: watch close D1 price to break 1170.06 for possible buy trade
to go short: watch D1 price to break 1098.68 support level for possible sell trade
- Trading Summary: ranging
|Resistance ||Support |
SUMMARY : ranging