EURUSD Technical Analysis 2015, 13.09 - 20.09: possible bullish breakout with ranging condition
Daily price is on bullish market condition for secondary
ranging between 1.1713 key resistance level and 1.0847 support level. The price is located above Ichimoku cloud by crossing 1.1294 resistance
level from below to above for the bullish trend to be continuing.
Chinkou Span line is above the price indicating the bullish breakout in
the near future.
D1 price - possible bullish breakout:
- Tenkan-sen line is below Kijun-sen line for the secondary correction.
- Absolute Strength indicator's data is estimating the ranging condition.
- Chinkou Span line is located above the price for ranging by direction.
- 'Reversal' Senkou Span line as the border between the primary bullish and the primary bearish on the chart is located to be near 1.1086 support level.
- Nearest key support levels are 1.1086 and 1.0847.
- Nearest key resistance level is 1.1294 and 1.1713.
If D1 price will break 1.1086
support level on close D1 bar so we may see the reversal of the price
movement to the primary bearish market condition with secondary ranging
(ranging bearish).
If D1 price will break 1.1713 resistance level so the bullish trend will be continuing.
If not so the price will be on ranging between the levels (ranging bullish).
- Recommendation for long: watch close D1 price to break 1.1713 for possible buy trade
- Recommendation
to go short: watch D1 price to break 1.1086 support level for possible sell trade
- Trading Summary: ranging
| Resistance | Support |
|---|---|
| 1.1294 | 1.1086 |
| 1.1713 | 1.0847 |
| 1.2069 | 1.0461 |
SUMMARY : bullish
