EURUSD Technical Analysis 12.05 - 19.05 : Bearish Ranging
Breakdown is started on open D1 bar : Chinkou Span line is started to cross the price on historical data. But market is still in ranging condition so I think - we need to wait for the next open D1 bar just to be sure about this breakdown (because we are trading and making technical analysis on close bar sorry).
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eurusd d1 breakdown started on opeb bar
As to intraday (H4 timeframe) so it is bear market rally is started but on open bar too sorry ...
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eurusd h4 rally
This is ranging market condition for this pair for D1 and H1 timeframe. The most interesting situation is for H1 (see image below) - if the price will cross this cress-cross trendlines (by yellow color) to above so uptrend will be continuing up to 1.3018 resistance line, if from above to below - it may be downtrend with support line as 1.2976
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eurusd ranging h1
This is breakdown for EURUSD H1 timeframe
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breakdown for H1
Just come back to our D1 timeframe - if the price will cross 1.2935 support level on close bar from above to below (and Chinkou Span will cross historical porice on close bar on the same time) - we will have good downtrend.
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eurusd d1 breakdown
This is breakdown (as expected):
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eurusd d1 breakdown
As to breakdown ... all developing patterns for started from M15 timeframe are showing uptrend for the near future ...
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eurusd patterns
As to breakdown ... all developing patterns started from M15 timeframe are showing uptrend for the near future ...
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eurusd patterns
And this is 3-drives for uptrend
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3-drives for uptrend
EURUSD was inside Ichimoku cloud for whole last week with real ranging market condition under primary bearish: the price was below Sinkou Span B line but abobe Span A line which is indicating the bearish condition as the primary trend with secondary ranging one.
The price broke 1.3009 support level on open bar, and Chinkou Span line came very close to historical price so those two factors are indicating about future p[ossible breakdown for EURUSD. Besides, USDCHF is already on breakout for D1 close bar and this pair is leading in most of the coses for EURUSD/USDCHF combination. In this case, it may be good to watch EURUSD price to break 1.3009 support and 1.2924 support together with Chinkou Span line crossing historical price on close bar for possible sell trade openning. Thus, ranging market condition will be continuing, or we will have real breakdown for EURUSD for the next week for example.
- Recommendation for long: none
- Recommendation to go short: watch the price crossing 1.3009 and 1.2924 together with Chinkou Span line crossing historical price - for possible short
- Trading Summary: possible short
UPCOMING EVENTS (high/medium impacted news events which may be affected on EURUSD price movement for the next week)
2013-05-13 13:00 GMT | [USD - Retail Sales]
2013-05-14 06:00 GMT | [EUR - German CPI]
2013-05-14 09:00 GMT | [EUR - German ZEW Indicator of Economic Sentiment]
2013-05-15 06:00 GMT | [EUR - German Gross Domestic Product]
2013-05-15 12:30 GMT | [USD - Producer Price Index]
2013-05-16 09:00 GMT | [EUR - CPI]
2013-05-16 12:30 GMT | [USD - CPI]
2013-05-17 13:55 GMT | [USD - University of Michigan Consumer Confidence Index]
| Resistance | Support |
|---|---|
| 1.3050 | 1.3009 |
| 1.3157 | 1.2935 |
| 1.3194 | 1.2924 |
| 1.3242 | 1.2916 |
SUMMARY : Bearish
TREND : Ranging
Intraday Chart
It was short. Next support line to be crossed to below is 1.2843
And if we were talking about patterns so this was short too (it is developed/formed pattern):
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eurusd m10 for short
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EURUSD was inside Ichimoku cloud for whole last week with real ranging market condition under primary bearish: the price was below Sinkou Span B line but abobe Span A line which is indicating the bearish condition as the primary trend with secondary ranging one.
The price broke 1.3009 support level on open bar, and Chinkou Span line came very close to historical price so those two factors are indicating about future p[ossible breakdown for EURUSD. Besides, USDCHF is already on breakout for D1 close bar and this pair is leading in most of the coses for EURUSD/USDCHF combination. In this case, it may be good to watch EURUSD price to break 1.3009 support and 1.2924 support together with Chinkou Span line crossing historical price on close bar for possible sell trade openning. Thus, ramging market condition will be continuing, or we will have real breakdown for EURUSD for the next week for example.
UPCOMING EVENTS (high/medium impacted news events which may be affected on EURUSD price movement for the next week)
2013-05-13 13:00 GMT | [USD - Retail Sales]
2013-05-14 06:00 GMT | [EUR - German CPI]
2013-05-14 09:00 GMT | [EUR - German ZEW Indicator of Economic Sentiment]
2013-05-15 06:00 GMT | [EUR - German Gross Domestic Product]
2013-05-15 12:30 GMT | [USD - Producer Price Index]
2013-05-16 09:00 GMT | [EUR - CPI]
2013-05-16 12:30 GMT | [USD - CPI]
2013-05-17 13:55 GMT | [USD - University of Michigan Consumer Confidence Index]
SUMMARY : Bearish
TREND : Ranging
Intraday Chart