mql5

Daily price was on bearish breakdown since the beginning of February this year: the price broke key support levels on the way to downtrend to be bounced from 110.97 support for the ranging market condition to be started.

The price is ranging within the following key support/resistance lines:

• 115.96 key resistance line located near and below Ichimoku cloud on the border between the secondary bear market rally and the primary bullish market condition, and
• 110.97

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W1 price on on breakdown with bearish reversal: the price broke Central Pivot at 120.63 to below for the reversal of the price movement from the primary bullish to the primary bearish market condition. The price broke S1 Pivot at 115.41 to below with S2 Pivot at 110.62 as the next bearish target.



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H4 price is on bullish market condition located above Ichimoku cloud for the ranging within the following key reversal support/resistance levels

• 119.06 resistance located far above Ichimoku cloud in the primary bullish area of the chart, and
• 118.06 support located near and above Ichimoku cloud on the border between the primary bearish and the primary bullish area.

Absolute Strength indicator is estimating the bullish trend to be continuing.

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EUR/USD:
"2016 year-end forecasts have changed slightly, while end-2017 forecasts are largely unchanged. EUR/USD is now forecast at 0.95 at the end of 2016, up from our original 0.90 forecast."



USD/JPY:
"The yen will outperform almost all other currencies barring the USD in 2016, with a USD/JPY peak just shy of Y130."



GBP/USD ...

Tags: deutsche bank, eurusd, gbpusd, technical analysis, usdjpy

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W1 price is located to be above yearly Central Pivot at 114.36 and below R1 Pivot at 127.96:

• The price is on bullish ranging between pivot level at 114.36 and R1 level at 127.96;
• The price is breaking descending triangle pattern with 120.24 support to below for the local downtrend as the secondary correction to be started;
• If weekly price will break R1 Pivot at 127.96 so the primary bullish market condition will be continuing up to R2 Pivot value as the new top in this situation,

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