EURUSD Technical Analysis 2016, 23.10 - 30.10: bearish breakdown to be continuing

EURUSD Technical Analysis 2016, 23.10 - 30.10: bearish breakdown to be continuing

23 October 2016, 19:11
Sergey Golubev
11
143

Daily price is on located to be below Ichimoku cloud in the bearish area of the chart: the bearish breakdown will be continuing for the week in the secondary ranging way - price is breaking 1.0911 support level to below for 1.0814 bearish daily target.

Chinkou Span line is located below the price for the bearish breakdown, and Absolute Strength indicator is evaluating the trend as a ranging bearish market condition in the near future.

If D1 price breaks 1.0911 support level on close bar so the primary bearish trend will be continuing with 1.0814 bearish target.

If D1 price breaks 1.0968 resistance level on close bar from below to above so the local uptrend as the bear market rally will be started.
If D1 price breaks 1.1141 resistance level on close bar from below to above so we may wee the reversal of the daily price movement from the bearish to the primary bullish market condition.
If not so the price will be on bearish ranging within the levels.

  • Recommendation for long: watch close D1 price to break 1.0911 for close bar for possible buy trade
  • Recommendation to go short: watch D1 price to break 1.0911 support level on daily close bar for possible sell trade
  • Trading Summary: bearish
Resistance
Support
1.09681.0911
1.11411.0814

SUMMARY : bearish

TREND : breakdown



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