EURUSD Technical Analysis 2016, 13.11 - 20.11: daily bearish breakdown with 1.0821 support

EURUSD Technical Analysis 2016, 13.11 - 20.11: daily bearish breakdown with 1.0821 support

13 November 2016, 17:27
Sergey Golubev
12
75

Daily price is on bearish breakout by 1.0850 support level to be testing to below for the bearish trend to be continuing with 1.0821 nearest target to re-enter. Chinkou Span line of Ichimoku indicator is located below the price indicating the bearish breakout to be continuing, Trend Strength indicator and Absolute Strength indicator are estimating the trend as the bearish breakout to be continuing.

By the way, the fast non-lagging signals of Kijun-sen line and Tentan-sen line are estimating the future trend as the ranging so the most likely scenarios in this case are the following:

  • the price breaks 1.0821 support to below for the primary bearish continuation, or
  • the price will be on bearish ranging within the levels.
If D1 price breaks 1.0821 support level on close bar so the primary bearish trend will be continuing with 1.0814 bearish target.

If D1 price breaks 1.1243 resistance level on close bar from below to above so we may see the reversal of the daily price movement from the ranging bearish to the primary bullish market condition with 1.1283 target.
If not so the price will be on bearish ranging within the levels.


  • Recommendation for long: watch close D1 price to break 1.1243 for close bar for possible buy trade
  • Recommendation to go short: watch D1 price to break 1.0821 support level on close daily bar for possible sell trade
  • Trading Summary: ranging rally
Resistance
Support
1.12431.0850
1.12831.0821

SUMMARY: bearish

TREND: breakdown



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