EURUSD Technical Analysis 2015, 22.11 - 29.11: bearish breakdown
Daily price is on the primary bearish market condition located below Ichimoku cloud and 'reversal' Sinkou Span lines within the following key support/resistance levels:
- 1.0829 key resistance level, and
- 1.0461 key support level.
D1 price - bearish breakdown:
- 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 bearish breakdown by the direction.
- 'Reversal' Sinkou 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 1.0616 and 1.0461.
- Nearest resistance levels are 1.0829 and 1.1494.
If D1 price will break 1.0461
support level on close D1 bar so the bearish trend will be continuing
without secondary ranging.
If D1 price will break 1.0829
resistance level on close D1 bar so we may see the local uptrend as the
bear market rally with the good possibility to the reversal of the
price movement to the bullish market condition in the future.
If D1 price will break 1.1494
resistance level on close D1 bar so the price will be fully reversed to
the bullish condition located to be above Ichimoku cloud in the bullish
area of the chart.
If not so the price will be on ranging within the levels.
- Recommendation for long: watch close D1 price to break 1.0829 for possible buy trade
- Recommendation
to go short: watch D1 price to break 1.0461 support level for possible sell trade
- Trading Summary: bearish
| Resistance | Support |
|---|---|
| 1.0829 | 1.0630 |
| 1.1494 | 1.0461 |
SUMMARY : bearish
