EURUSD Technical Analysis 2016, 09.10 - 16.10: ranging on reversal

EURUSD Technical Analysis 2016, 09.10 - 16.10: ranging on reversal

9 October 2016, 19:11
Sergey Golubev
8
139

Daily price is on ranging around the lower bound of the Ichimoku cloud on the border between the ranging bullish and the primary bearish market condition within the following key support/resistance levels:

  • 1.1258 resistance located near and above Ichimoku cloud in the beginning of the bullish trend to be resumed, and
  • 1.1137 support level located below Ichimoku cloud in the beginning of the bearish trend to be started.

Chinkou Span line is located above the price for the ranging condition, Absolute Strength indicator is estimating the bearish reversal, and Trend Strength indicator is evaluating the trend as a primary bearish market condition in the near future.

If D1 price breaks 1.1137 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 1.1258 resistance level on close bar from below to above so the bullish trend will be resumed with 1.1326 nearest bullish target to re-enter.
If not so the price will be on ranging within the levels.




  • Recommendation for long: watch close D1 price to break 1.1258 for possible buy trade
  • Recommendation to go short: watch D1 price to break 1.1137 support level for possible sell trade
  • Trading Summary: ranging
Resistance
Support
1.12581.1137
1.13261.1122

SUMMARY : bullish

TREND : ranging



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