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EURUSD Technical Analysis 2016, 24.01 - 31.01: bearish breakdown

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by , 01-24-2016 at 03:38 PM (1112 Views)
      
   
Daily price located below Senkou Span line which is the border between the primary bearish and the primary bullish trend on the chart: price was inside Ichimoku cloud for the ranging bearish market condition. It was good breakdown movement in the end of the week, and the price is breaking Ichimoku cloud to be reversed from the ranging bearish to the primary bearish condition with 1.0777 support level as the nearest bearish target in this case.

If D1 price will break 1.0777 support level on close bar so the bearish market condition will be continuing without secondary ranging.
If D1 price will break 1.0984 resistance level on close bar so the reversal of the price movement from the ranging bearish to the primary bullish trend will be started.
If not so the price will be on ranging within the levels.

  • Recommendation for long: watch close D1 price to break 1.0984 for possible buy trade.
  • Recommendation to go short: watch D1 price to break 1.0777 support level for possible sell trade.
  • Trading Summary: bearish breakdown.

Resistance
Support
1.0984 1.0777
1.1059 N/A

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SUMMARY : breakdown

TREND : bearish market condition

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