The price is on bearish breakdown for crossing 1.0807 support level from above to below for the breakdown to be continuing with 1.0461 as the next bearish target.
W1 price is on primary bearish market:
- The
price is located to be below Ichimoku cloud/kumo and Senkou Span line
(which is the virtual border between the primary bullish and the
primary
bearish on the chart) for the bearish market condition.
- Tenkan-sen line is below Kijun-sen line of Ichimoku indicator which is indicating the primary bearish condition to be continuing.
- Chinkou Span line crossed the price from above to below for the breakdown.
- Nearest support levels are S2 Pivot level at 1.0672 and key support level at 1.0461.
- Nearest resistance levels are 1.1494 and 1.2332.
MN price
is on bearish breakdown too for 1.0461 as the real bearish target.
If W1 price will break 1.0461
support level so the primary bearish will be continuing.
If W1 price will break 1.1494 resistance level so the reversal to the primary bullish
condition will be started with the secondary ranging (the price will be inside Ichimoku cloud/kumo in this case).
If W1 price will break 1.2332 resistance level so the price will be fully reversed to the bullish market condition with good breakout possibility.
If not so the price will be ranging within the levels.
- Recommendation for long: watch close W1 price to break 1.1494 for possible buy trade
- Recommendation
to go short: watch W1 price to break 1.0461 support level for possible sell trade
- Trading Summary: bearish breakdown
Resistance | Support |
---|---|
1.1494 | 1.0672 |
1.2332 | 1.0461 |
SUMMARY : bearish
TREND : breakdown of support levels