EURUSD Technical Analysis 2016, 16.10 - 23.10: bearish breakdown or ranging for direction

EURUSD Technical Analysis 2016, 16.10 - 23.10: bearish breakdown or ranging for direction

16 October 2016, 18:11
Sergey Golubev
14
185

Daily price is on primary bearish market condition located below Ichimoku cloud and below Senkou Span line which is the virtual border between the primary bullish and the primary bearish trend on the chart. The price is breaking 1.0985 support level together with descending triangle pattern to below for the bearish trend to be continuing with 1.0911 nearest bearish target to re-enter.

Chinkou Span line is located below the price for the bearish trend to be continuing, Absolute Strength indicator and Trend Strength indicator are evaluating the trend as a primary bearish market condition in the near future.

If D1 price breaks 1.0985 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 1.1238 resistance level on close bar from below to above so the reversal of the daily price movement from the primary bearish to the primary bullish market condition will be started.
If not so the price will be on bearish ranging within the levels.




  • Recommendation for long: watch close D1 price to break 1.1238 for possible buy trade
  • Recommendation to go short: watch D1 price to break 1.0911 support level for possible sell trade
  • Trading Summary: bearish
Resistance
Support
1.12381.0985
1.13261.0911

SUMMARY : bearish

TREND : breakdown



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