mql5

The price is on bearish market condition located below Ichimoku cloud and Senkou Span line which is the virtual border between the primary bearish and the primary bullish trend on the chart. The price was on bearish breakdown since October this year by Ichimoku cloud with key support levels to be broken to below. Price was bounced from 1046.27 support level to be started the secondary ranging in the beginning of Dec this year within intermediate s/r levels located on the primary bearish area of the daily chart.

D1 price is on ranging bearish market condition:

• The price is located to be below Ichimoku cloud/kumo and Senkou Span line (which is the virtual border between the primary bullish and the primary bearish on the chart) for the bearish market condition.
• Tenkan-sen line is below Kijun-sen line of Ichimoku indicating the primary bearish condition to be continuing with the secondary ranging.
• Chinkou Span line is crossing the price from below to above for possible ranging breakout in the near future.
• Nearest support levels are 1052.68 and key support level at 1046.27.
• Nearest resistance levels are 1081.66 and key reversal resistance level at 1129.27.

If daily price will break 1046.27 support level so the primary bearish trend will be continuing.
If daily price will break 1081.66 resistance level so the reversal to the primary bullish condition will be started with the secondary ranging (the price will be inside Ichimoku cloud/kumo in this case).
If daily price will break 1129.27 resistance level so the price will be fully reversed to the bullish market condition with good breakout possibility.
If not so the price will be ranging within the levels.

• Recommendation for long: watch close W1 price to break 1129.27 for possible buy trade
• Recommendation to go short: watch W1 price to break 1046.27 support level for possible sell trade
• Trading Summary: ranging bearish

Resistance	Support
1081.66	1052.68
1129.27	1046.27

SUMMARY : bearish
TREND : waiting to break the levels