EURUSD Technical Analysis 2015, 13.12 - 20.12: ranging on reversal

Daily price was on local uptrend as the bear market rally within the primary bearish market condition: the price broke resistance levels on the way to uptrend, and it was stopped near & below Ichimoku cloud and 'reversal' Senkou Span line which is the virtual border between the primary bearish and the primary bullish trend on the chart.

The price is started to be ranging within the following key support/resistance lines:

• 1.1052 key resistance line located in the beginning of the bullish area of the chart,
• 1.1494 key resistance level located far above Ichimoku cloud in the primary bullish area, and
• 1.0795 key support level located below Ichimoku cloud in the primary bearish area of the daily chart.

Chinkou Span line is crossing the price to above for the possible bullish reversal, Trend Strength indicator is estimating the local uptrend to be continuing, and Absolute Strange indicator is evaluating the price movement as the secondary ranging condition to be started.

If D1 price will break 1.0795 support level on close bar so the bearish trend will be continuing with secondary ranging up to 1.0520 level as the next bearish target.
If D1 price will break 1.1052 resistance level on close bar from below to above so the reversal of the price movement from the primary bearish to the ranging bullish condition will be started.
If D1 price will break 1.1494 resistance level on close bar so the price will be fully reversed to the bullish market 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 1.1052 for possible buy trade
• Recommendation to go short: watch D1 price to break 1.0795 support level for possible sell trade
  
• Trading Summary: bearish rally to the bullish reversal
  

SUMMARY : ranging within reversal area