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 |
- 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