Daily price is located above Ichimoku cloud in the bullish area of the chart: the price is on ranging within the following key support/resistance levels:
- 1.1283 resistance located above Ichimoku cloud in the bullish trend to be resumed, and
- 1.1122 support level located below Ichimoku cloud in the beginning of the bearish trend to be started.
Descending triangle pattern was formed by the price to be crossed to below for the possible bearish reversal, Absolute
Strength indicator is estimating the ranging condition to be continuing, and
Trend Strength indicator is evaluating the future possible trend as a primary bearish market condition.
If D1 price breaks 1.1283 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 1.1283 for possible buy trade
to go short: watch D1 price to break 1.1122 support level for possible sell trade
- Trading Summary: ranging
|Resistance ||Support |
SUMMARY : bullish
TREND : ranging near bearish reversal