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 key support level located far below Ichimoku cloud in the primary bearish area of the daily chart.

Chinkou Span line is located below the price indicating the ranging bearish condition by direction, and Absolute Strange indicator is evaluating the tgrend and the ranging as well.
If D1 price will break 110.97 support level on close bar so the bearish trend will be continuing.
If D1 price will break 115.96 resistance level on close bar from below to above so the local uptrend as the bear market rally will be started with the good possibility to the reversal of the price movement from the primary bearish to the primary bullish market condition.
If not so the price will be on ranging within the levels.

• Recommendation for long: watch close D1 price to break 115.96 for possible buy trade
• Recommendation to go short: watch D1 price to break 110.97 support level for possible sell trade
• Trading Summary: ranging

Resistance	Support
115.96	110.97
121.68	N/A

SUMMARY : bearish

TREND : ranging