mql5

W1 price is on breakdown with the bearish reversal which was started in the end of the February this year: the price is breaking 2.8386 support level to below together with Senkou Span line which is the border Ichimoku cloud and the virtual border between the primary bearish and the primary bullish trend on the chart. The price is ranging within the following key support/resistance levels:

• 2.6140 support level located below Ichimoku cloud in the primary bearish area, and
• 3.0745 resistance level located to be above Ichimoku cloud in the primary bullish area of the chart.

Absolute Strength indicator is estimating the bearish trend to be continuing.

If the price will break 2.8386 support level on close weekly bar so the breakdown with the bearish reversal will be continuing with the secondary ranging: the price will be located inside Ichimoku cloud.
If the price will break 3.0745 resistance level from below to above so the primary bullish trend will be continuing.
If not so the price will be ranging between the levels.

• Recommendation for long: watch close W1 price to break 3.0745 for possible buy trade
• Recommendation to go short: watch W1 price to break 2.8386 support level for possible sell trade
• Trading Summary: bearish reversal

Resistance	Support
2.9991	2.8386
3.0745	2.6140

Trend:

W1 - bearish reversal