EURUSD Technical Analysis 2016, 28.08 - 04.09: correction to the ranging bearish reversal
28 August 2016, 18:17
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Daily price is continuing with the correction to be started in
the beginning of the week: the price is located above Ichimoku cloud in
the bullish area of the chart for 1.1177 support level to be tested for
the secondary correction to be continuing.
- The price is breaking 1.1177 support level to below for the continuing with the secondary correction.
- Chinkou Span line of Ichimoku indicator is located above Ichimoku cloud indicating the future possible breakdown to be started in the near future.
- Trend Strength indicator is estimating the ranging condition, and Absolute Strength indicator are estimating the correctionla trend to be continuing.
- The daily bearish reversal
level is Kijun-sen value at 1.1148, and if the price breaks this level
to below so the daily bearish reversal will be started.
If D1 price breaks 1.1148 support level on close bar so the reversal of the daily price movement from the ranging bullish to the primary bearish market condition will be started.
If D1 price breaks 1.1366 resistance level on close bar from below to above so the bullish trend will be resumed.
If not so the price will be on bullish ranging within the levels.
- Recommendation for long: watch close D1 price to break 1.1366 for possible buy trade
- Recommendation
to go short: watch D1 price to break 1.1148 support level for possible sell trade
- Trading Summary: correction
| Resistance | Support |
|---|---|
| 1.1366 | 1.1177 |
| N/A | 1.1148 |
SUMMARY : bullish
