The weekly price is on bearish breakdown which was started in the beginning of october this year on the secondary ranging way: the price broke Ichimoku cloud to below to be reversed from the ranging bullish to the primary bearish market condition. For now, the price is on testing 1.0568 support level to below for the Fibo level at 1.0517 as a nearest daily/weekly bearish target.
The price is located within the following support/resistance levels:
- 50.0% Fibo level at 1.1066 located in the beginning of the weekly bullish reversal to be started, and
- Fibo level at 1.0517 located far below Ichimoku cloud in the beginning of the bearish trend to be resumed.
line is below Kijun-sen line of Ichimoku indicator for
the primary bearish condition to be continuing, and Chinkou
Span line is below the price which is indicating the primary bearish trend in the future for this pair with the good volatility. By the way, Absolute Strength indicator is evaluating the future price movement as the ranging bearish so we can expect the ranging market condition in the bearish area of the chart for example.
If weekly price breaks 1.0850 resistance level on close bar so the local uptrend as the secondary rally within the primary bearish market condition will be started.
If W1 price breaks 1.1066 resistance level on close weekly bar so we may see the reversal of the price movement 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 1.1066 for close bar for possible buy trade
- Recommendation to go short: watch D1 price to break 1.0517 support level on close daily bar for possible sell trade
- Trading Summary: bearish
TREND: ranging breakdown