EUR/USD (D1): breakout on reversal. The price is located near and below 100 day SMA (100 SMA) and 200 day SMA (200 SMA) in the primary bearish market condition with the secondary bear market rally with breakout within the following key reversal support/resistance levels:
- 1.1713 key resistance level located far above 100 SMA/200 SMA in the bullish area of the chart, and
- 1.0502 key support level located far below 100 SMA/200 SMA in the bearish area of the daily chart.
Intermediate resistance on the way to the key reversal level is the following:
- 1.1095 resistance level located near and above 100 SMA/200 SMA on the border between the primary bearish and the primary bullish trend on the chart; if the price breaks this level from below to above so the bullish reversal will be started.
RSI indicator is estimating the breakout to be continuing.
If the price will break 1.1095
resistance level on close daily bar so the reversal of the price movement from the primary bearish to the primary bullish market condition will be started with the secondary ranging.
If the price will break 1.1713
resistance level from below to above on close bar so the price
will be fully reversed to the primary bullish condition in this case.
If the price will break 1.0502
support level so the primary bearish trend will be continuing.
If not so the price will be ranging within the levels.
| Resistance | Support |
|---|---|
| 1.1095 | 1.0502 |
| 1.1713 | N/A |
- Recommendation for long: watch close daily price to break 1.1095 for possible buy trade
- Recommendation
to go short: watch the price to break 1.0502 support level for possible sell trade
- Trading Summary: breakout near bullish reversal
