mql5

W1 price is on primary bullish condition with secondary correction with good possibility to reversal. The price was on correction since the middle of january this year: price was bounced from 1.2922 to start to be ranging near Senkou Span line which is the virtual border between the primary bearish and the primary bullish trend on the chart.

• Tenkan-sen line crossed Kijun-sen line of Ichimoku indicator to below which is indicating the primary bearish market condition in the near future.
• Chinkou Span line is estimating the ranging condition by direction.
• Nearest support level is 1.2922 (W1).
• Nearest resistance levels are 1.3911 (W1) and 1.4325 (W1).

If W1 price will break 1.2922 support level on close W1 bar so the reversal of the price movement from the primary bullish to the primary bearish trend will be started with the secondary ranging.
If W1 price will break 1.3911 resistance level so the primary bullish trend will be continuing.
If not so the price will be ranging within the level.
Trend:

W1 - correction