M5 price is located above SMA with period 100 (100-SMA) and above SMA with the period 200 (200-SMA) for ranging between the following key levels:
- 1.1490 key resistance level located far above 100-SMA/200-SMA in the primary bullish area of the chart, and
- 1.1460 key support level located below and near 200-SMA in the bearish area of the chart.
RSI indicator and 100-SMA indicator are estimating the secondary correction to be started with the possible reversal of the price movement to the primary bearish market condition.
- If the price will break 1.1490 resistance level so we may see the bullish trend to be continuing on this timeframe.
- if price will break 1.1460 support so the reversal to the bearish trend will be started.
- if not so the price will be ranging within the levels.
Resistance | Support |
---|---|
1.1490 | 1.1473 |
N/A | 1.1460 |
- Recommendation to go short: watch the price to break 1.1460 support level for possible sell trade
- Recommendation to go long: watch the price to break 1.1490 resistance level for possible buy trade
- Trading Summary: ranging
SUMMARY : ranging