EUR/USD Intra-Day Technical Analysis - bullish breakout or bearish breakdown

EUR/USD Intra-Day Technical Analysis - bullish breakout or bearish breakdown

6 October 2015, 11:05
Sergey Golubev
3
1 843

M5 price is located above SMA with period 100 (100-SMA) and above SMA with the period 200 (200-SMA) for the bullish market condition with the secondary correction. Price is breaking 1.1198 support level from above to below for the correction to be continuing.

The key 'reversal' support/resistance levels for this pair are the following:

  • 1.1176 key support level located below 100-SMA/200-SMA in the primary bearish area of the chart, and
  • 1.1237 key resistance level located in the primary bullish area of the chart.

Internediate support/resistance levels for the pair on the way to the 'reversal' key levels are the following:

  • 1.1219 resistance level; if the price breaks this level from below to above so the bullish trend will be continuing with 1.1237 as a next bullish target, and
  • 1.1181 support level; if the price breaks this level from above to below so the bearish reversal will be started with 1.1176 next bearish target.

RSI indicator is estimating the secondary correction.

  • If the price will break 1.1237 resistance level on close bar so we may see good bullish breakout of the price movement.
  • if price will break 1.1176 support on close bar so the price will be reversed to the bearish market condition with good breakdown possibility.
  • if not so the price will be ranging within the levels.
Resistance
Support
1.12191.1181
1.12371.1176

  • Recommendation to go short: watch the price to break 1.1176 support level for possible sell trade
  • Recommendation to go long: watch the price to break 1.1237 resistance level for possible buy trade
  • Trading Summary: ranging

SUMMARY : correction

TREND : waiting for direction
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