EURUSD Technical Analysis 2016, 18.09 - 25.09: ranging correction to the possible daily bearish reversal

EURUSD Technical Analysis 2016, 18.09 - 25.09: ranging correction to the possible daily bearish reversal

18 September 2016, 18:11
Sergey Golubev
13
156

Daily price is on secondary correction within the primary bullish market condition: the price is started with the breakdown on open daily bar for now with 1.1140 support level to be tested to below for the bearish reversal to be started.

Absolute Strength indicator is estimating the bearish trend to be started on the future, and Trend Strength indicator is evaluating the future possible trend as a secondary correction to be continuing.

If D1 price breaks 1.1140 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 1.1070 level as a 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 1.1140 support level for possible sell trade
  • Trading Summary: correction
Resistance
Support
1.13261.1140
1.13661.1070

SUMMARY : bullish

TREND : correction

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