EURUSD Technical Analysis 2016, 07.08 - 14.08: possible daily bearish breakdown with 1.1072 support level

EURUSD Technical Analysis 2016, 07.08 - 14.08: possible daily bearish breakdown with 1.1072 support level

7 August 2016, 18:00
Sergey Golubev
4
179

Daily price is located below Ichimoku cloud in the bearish area of the chart: price was bounced from 1.1233 resistance leve to below for the bearish trend to be resumed. The support level at 1.1072 is going to be tested by the daily price to below for the bearish trend to be continuing.

Absolute Strength indicator is evaluating the bearish trend in the near future, and Trend Strength indicator is estimating the future trend as a secondary ranging. Chinkou Span line is breaking the price to below for good possible breakdown.

If D1 price breaks 1.1072 support level on close bar so the primary bearish trend will be continuing.
If D1 price breaks 1.1233 resistance level on close bar from below to above so the bullish reversal will be started on the secondary ranging way.
If not so the price will be on bearish ranging within the levels.

  • Recommendation for long: watch close D1 price to break 1.1233 for possible buy trade
  • Recommendation to go short: watch D1 price to break 1.1072 support level for possible sell trade
  • Trading Summary: bearish
Resistance
Support
1.12331.1072
N/A1.0931

SUMMARY : ranging bearish

TREND : bearish
Share it with friends: