EURUSD Technical Analysis 2016, 02.10 - 09.10: bullish ranging along Senkou Span bearish reversal
Analytics & Forecasts

EURUSD Technical Analysis 2016, 02.10 - 09.10: bullish ranging along Senkou Span bearish reversal

2 October 2016, 18:11
Sergey Golubev
Sergey Golubev
10
214

Daily price is located near and above Ichimoku cloud for the ranging on the border between the primary bullish trend to be resumed and the ranging bullish market condition tio be started within the following key support/resistance levels:

  • 1.1278 resistance located above Ichimoku cloud in the bullish trend to be resumed, and
  • 1.1181 support level located below Ichimoku cloud in the beginning of the bearish trend to be started.

Ascending triangle pattern was formed by the price to be crossed to above for the possible bullish trend, Absolute Strength indicator is estimating the ranging condition to be continuing, and Trend Strength indicator is evaluating the trend as a primary bearish market condition.

If D1 price breaks 1.1181 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 1.1122 level as a daily bearish target.
If D1 price breaks 1.1278 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
  • Recommendation to go short: watch D1 price to break 1.1181 support level for possible sell trade
  • Trading Summary: ranging
Resistance
Support
1.12781.1181
1.13661.1122

SUMMARY : bullish

TREND : ranging



#eurusd, technical analysis, Ichimoku
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