EURUSD Technical Analysis 2016, 11.09 - 18.09: ranging above Ichimoku cloud

EURUSD Technical Analysis 2016, 11.09 - 18.09: ranging above Ichimoku cloud

11 September 2016, 18:11
Sergey Golubev
11
134

Daily price is on ranging market condition located above Ichimoku cloud in the bullish area of the chart within the following support/resistance levels:

  • 1.1326 resistance level located above Ichimoku cloud in the bullish area, and
  • 1.1122 support level located inside Ichimoku cloud to be near and above Senkou Span line in the beginning of the bearish trend to be started.

Absolute Strength indicator is estimating the bullish trend to be resumed, and Trend Strength indicator is evaluating the future possible trend as a secondary ranging.

If D1 price breaks 1.1122 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 with 1.1045 target.
If D1 price breaks 1.1326 resistance level on close bar from below to above so the bullish trend will be resumed with 1.1366 nearest bullish target to re-enter.
If not so the price will be on bullish ranging within the levels.

  • Recommendation for long: watch close D1 price to break 1.1326 for possible buy trade
  • Recommendation to go short: watch D1 price to break 1.1122 support level for possible sell trade
  • Trading Summary: ranging
Resistance
Support
1.13261.1122
1.13661.1045

SUMMARY : bullish

TREND : ranging
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