EURUSD Intra-Day Technical Analysis - ranging on reversal
H4 price is on bearish market condition for the secondary ranging within the following key reversal levels:
- 1.0830 resistance level located near Ichimoku cloud and 'reversal' Senkou Span line on the border between the primary bearish and the primary bullish trend on the chart, and
- 1.0674 support level located far below Ichimoku cloud in the bearish area of intra-day chart.
There is intermediate support level on the way to key 1.0674 support - this level is 1.0707: if the price breaks this level from above to below so the bearish trend will be continuing with 1.0674 as a good bearish target.
- Chinkou Span line is located to be near and above the price indicating the local ranging uptrend by direction.
- Ichimoku cloud and Senkou Span line (which is the virtual border between the primary bullish and the
primary
bearish on the chart) are located near and above the price which makes intra-day bullish reversal to be very likely in the near future.
- Ascending triangle pattern was formed by the price to be crossed for the bullish reversal.
- The nearest support levels are 1.0707 and 1.0674.
- The nearest resistance levels are 1.0830 and 1.0893.
| Resistance | Support |
|---|---|
| 1.0830 | 1.0707 |
| 1.0893 | 1.0674 |
If
H4 price will break 1.0707 support level on close H4 bar so the bearish trend will be continuing with 1.0674 as a good bearish target.
If
H4 price will break 1.0674 support level on close H4 bar so we may see good bearish breakdown.
If H4 price will break 1.0830 resistance level so the reversal of the price movement from the primary bearish to the primary bullish condition will be started with the secondary ranging.
If H4 price will break 1.0893 resistance level so the intra-day price will be fully reversed to the bullish market condition with the good breakout possibilities.
If not so the price will be ranging within the levels for direction.
- Recommendation for long: watch close H4 price to break 1.0830 for possible buy trade
- Recommendation
to go short: watch H4 price to break 1.0674 support level for possible sell trade
- Trading Summary: ranging
SUMMARY : bearish
