EURUSD Technical Analysis 2015, 01.11 - 08.11: ranging in the bearish area for breakdown

Daily price  is on the primary bearish market condition for the secondary ranging below Ichimoku cloud and 'reversal' Senkou Span lines within the following key support/resistance levels:

• 1.1494 key resistance level located far above Ichimoku cloud in the primary bullish area of the chart;
• 1.0896 key support level located far below Ichimoku cloud in the primary bearish area of the chart.
  

Intermediate s/r levels for this pair on the way to the key s/r are the following:

• 1.1386 resistance located near and above Ichimoku cloud in the bullish area of the daily chart, and
  
• 1.0924 bearish support level.
  

D1 price - ranging bearish:

• Tenkan-sen line is below Kijun-sen line for the bearish trend to be continuing.
• Absolute Strength indicator's data is estimating the secondary ranging.
  
• Chinkou Span line is located to be below the price and indicating the ranging bearish market condition by the direction.
• 'Reversal' Senkou Span line (as the border between the primary bullish and the primary bearish on the chart) is located far above the price.
• Nearest support levels are 1.0924 and 1.0896.
• Nearest resistance levels are 1.1386 and 1.1494.
  

If D1 price will break 1.0896 support level on close D1 bar so the bearish trend will be continuing with possible breakdown up to 1.0461 as the next bearish target.
If D1 price will break 1.1494 resistance level on close D1 bar so the price will be reversed from the primary bearish to the primary bullish market condition.
If not so the price will be on ranging within the levels.

• Recommendation for long: watch close D1 price to break 1.1494 for possible buy trade
• Recommendation to go short: watch D1 price to break 1.0896 support level for possible sell trade
  
• Trading Summary: breakout
  

SUMMARY : bearish