H4 price
is located on primary bullish market condition for trying to break resistance level for the bullish to be continuing.
- Chinkou Span line of Ichimoku indicator is estimating the breakout to be going on right now
- The price is located above Ichimoku cloud/kumo which is indicating the primary bullish market condition
- Tenkan-sen line of Ichimoku indicator is above Kijun-sen for primary bullish to be continuing
- The nearest support level for H4 price is 1.2412
| Resistance | Support |
|---|---|
| 1.2412 | 1.2304 |
| N/A | 1.2274 |
If
H4 price will break 1.2412 resistance level on close H4 bar so the primary bullish will be continuing (good for trend-following trading systems).
If
H4 price will break 1.2274 support level on close H4 bar so the
secondary correction within the primary bullish will be started (good
for counter-trend trading systems).
If not so we may see the ranging between 1.2412 resistance and 1.2274 support levels.
- Recommendation for short: watch H4 price to break 1.2274 support for possible sell trade
- Recommendation to go long: watch H4 price to break 1.2412 resistance for possible buy trade
- Trading Summary: bullish breakout
SUMMARY : bullish
