mql5

EURUSD Technical Analysis 2016, January: ranging for direction

D1 price is on bearish ranging condition located inside Ichimoku cloud waiting for direction:

• The price is ranging within Senkou Span A and Senkou Span B to be located inside Ichimoku cloud.
• Tenkan-sen line crossed Kijun-sen line of Ichimoku indicator for the possible bullish market condition to be started in the near future.
• Chinkou Span line is crossing the price to above for the bullish condition.
• Nearest support levels are 1.0710 and 1.0522.
• Nearest resistance level is 1.1059.

If the price will break 1.0710 support level so the primary bearish will be continuing with 1.0522 target to re-enter.
If the price will break 1.1059 resistance level so the reversal of the price movement from the primary bearish to the primary bullish trend will be started.
If not so the price will be ranging within the levels.

• Recommendation for long: watch close price to break 1.1059 for possible buy trade
• Recommendation to go short: watch price to break 1.0710 support level for possible sell trade
• Trading Summary: ranging

Resistance	Support
1.1059	1.0710
N/A	1.0522

SUMMARY : ranging
TREND : waiting for direction