EURUSD Technical Analysis 2016, 14.08 - 21.08: daily ranging inside Ichimoku cloud for direction

EURUSD Technical Analysis 2016, 14.08 - 21.08: daily ranging inside Ichimoku cloud for direction

14 August 2016, 07:38
Sergey Golubev
8
174

Daily price broke one of the 'reversal' Senkou Span line of Ichimoku indicator together with trendline to above: the price broke this line to be located inside Ichimoku cloud in the bearish ranging area of the chart waiting for the direction. Absolute Strength indicator is estimating the trend to be on ranging waiting for breakout/breakdown, and Trend Strength inticator is evaluating the future possible trend as the possible daily bullish reversal.

If D1 price breaks 1.1045 support level on close bar together with descending triangle pattern to below so the primary bearish trend will be resumed.
If D1 price breaks 1.1233 resistance level on close bar from below to above so the bullish reversal will be started.
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 1.1045 support level for possible sell trade
  • Trading Summary: ranging
Resistance
Support
1.12331.1072
N/A1.0931

SUMMARY : ranging bearish

TREND : bearish


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