![EURUSD Technical Analysis 2015, December: weekly bearish pattern for breakdown, monthly breakdown with support target EURUSD Technical Analysis 2015, December: weekly bearish pattern for breakdown, monthly breakdown with support target](https://c.mql5.com/6/703/splash-655906-1448706820.jpg)
EURUSD Technical Analysis 2015, December: weekly bearish pattern for breakdown, monthly breakdown with support target
30 November 2015, 09:11
![Sergey Golubev Sergey Golubev](https://c.mql5.com/avatar/2012/12/50D09349-3D90.jpg)
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The price is on bearish breakdown crossed 1.0616 support level
of descending triangle pattern for the bearish trend to be continuing with 1.0461 level as the nearest real bearish target.
W1 price is on primary bearish market condition:
- The price is located to be below Ichimoku cloud/kumo and Sinkou Span line (which is the virtual border between the primary bullish and the primary bearish on the chart) for the bearish market condition.
- Descending triangle pattern is broken to below for the good breakdown.
- Tenkan-sen
line is below Kijun-sen line of Ichimoku indicator which is indicating
the primary bearish condition to be continuing.
- Chinkou Span line crossed the price from above to below for the breakdown.
- Nearest support levels are key support level at 1.0461, psy support level at 1.0400 and S3 Pivot at 0.9344.
- Nearest resistance levels are psy resistance at 1.0800, S1 Pivot at 1.1337 and 1.1713.
MN price is on bearish breakdown with 1.0461 level as the next bearish target.
If W1 price will break psy support level at 1.0400 so we may see the bearish breakdown with S3 Pivot at 0.9344 as the bearish target in thi case.
If W1 price will break psy resistance at 1.0800 so the local uptrend as the bear market rally will be started.
If W1 price will break 1.1713 resistance level from below to above so the reversal of the price movement from the primary bearish to the primary bullish market condition will be started.
If not so the price will be ranging within the levels.
- Recommendation for long: watch close W1 price to break 1.1713 for possible buy trade
- Recommendation
to go short: watch W1 price to break 1.0461 support level for possible sell trade
- Trading Summary: bearish breakdown
Resistance | Support |
---|---|
1.0800 | 1.0461 |
1.1337 | 1.0400 |
1.1713 | 0.9344 |
TREND : breakdown of support levels