EURUSD Technical Analysis 2016, 06.11 - 13.11: bearish retracement or bullish reversal

EURUSD Technical Analysis 2016, 06.11 - 13.11: bearish retracement or bullish reversal

6 November 2016, 17:04
Sergey Golubev
16
153

Daily price is located below 200-day SMA in the bearish area of the the chart. The price is on local uptrend as the bear market rally since 26 of October this year: 100-day SMA at 1.1139 is going to be broken by the price for open daily bar for now to be reversed to the ranging area of the chart located within 100 SMA/200 SMA area, and with 200 SMA level at 1.1179 as a nearest bullish reversal target in this case.

If D1 price breaks 1.0850 support level on close bar so the primary bearish trend will be resumed with 1.0821 bearish target.

If D1 price breaks 1.1179 resistance level on close bar from below to above so the reversal of the daily price movement from the ranging 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 1.1179 for close bar for possible buy trade
  • Recommendation to go short: watch D1 price to break 1.0850 support level on close daily bar for possible sell trade
  • Trading Summary: rally
Resistance
Support
1.11791.0995
1.12781.0850

SUMMARY: bearish

TREND: bear market rally



Share it with friends: