Technical analysis on EU,GU and majors

[bhanu545]

EUR/USD analysis for May 15, 2013

EUR/USD Elliott Wave For the last few days the EUR/USD pair is trading downwards, impulsive wave 3 (coloured blue) of the bigger wave (3) (coloured green) has started developing. During the Tuesday's Asian session we could observe ascending movement from 1.2974 towards 1.3027 level and we can consider this move as the end of the corrective wave C (colored red) of the bigger wave 2 (coloured blue). Therefore, during the European and New York session when developing of the 3 wave (coloured blue) starts this major currency has dropped to the new low at 1.2914 level. Today the EUR/USD pair is trading around 1.2882 area and we expect to see the continuation of the bearish movement for the next few days. In accordance with our wave rules and taking into account that wave 3 should retrace minimum 100% of wave 1, we can define the potential targets with measuring wave 1 with take profit at 1.2771 (100% of wave 1). To reduce the risk, we can use resistance point at 1.2950 level as stop loss.
Support and Resistance
(S3) 1.2764 (S2) 1.2838 (S1) 1.2880 (PP) 1.2954 (R1) 1.2996 (R2) 1.3070 (R3) 1.3112
Trading forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the upwards movement. That is why short positions at level 1.2880 with stop loss at 1.2950 and take profit at 1.2771 are recommended.

Performed by Nicola Delic, Analytical expert
InstaForex Group © 2007-2013

 

[bhanu545]

GBP/USD. Forecast for May 15, 2013

Yesterday the British pound amid lack of relevant macroeconomic news followed the descending move of all the currency pairs having USD. Today is a very important day for the pound. At 12:30 GMT+4 data on Claimant Count Change and Claimant Count Rate is published. UK Claimant Count Change may drop 3.1K vs. -7K in March. UK Claimant Count Rate is 7.9%. At 13:30 GMT+4 Bank of England Quarterly Inflation Report is revealed at the same time the Bank of England governor Mervyn King speaks. The investors expectations about Bank's report are rather optimistic as well as the last presentation of Mervyn King (on July 1, Mark Carney takes office). If the scenario is positive we expect to observe a correction from the boarder of the Bollinger Bands (20-2) on the H4 to the range of 1.5284-1.5300. If investors' expectations are not fulfilled and data on US Industrial Production (forecast for April -0.1% vs. growth for 0.4% in March), then the relevant level 1.5185 will be broken and the price may move to the next bearish targets 1.5157 and 1.5132.

Performed by Yuriy Zaycev, Analytical expert
InstaForex Group © 2007-2013

 

[bhanu545]

EUR/USD intraday technical levels for May 16, 2013

TODAY'S TECHNICAL LEVELS:
Breakout BUY Level: 1.2946.
Strong Resistance: 1.2939.
Original Resistance: 1.2926.
Inner Sell Area: 1.2913.
Target Inner Area: 1.2883.
Inner Buy Area: 1.2853.
Original Support: 1.2840.
Strong Support: 1.2827.
Breakout SELL Level: 1.2820.

DESCRIPTION:
Today EUR/USD has support and resistance at 1.2840 and 1.2926. The rate is accompanied by strong support at 1.2827 and by 1.2939 as strong resistance. If EUR/USD breaks out and closes below 1.2820 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above 1.2946 level, then it will denote high bullish strength. Alternatively, for advance traders, you can trade in a way to open a BUY position at the level of 1.2853 and at 1.2913, a SELL position. In this case both targets should be located at the level of 1.2883.

Performed by Arief Makmur, Analytical expert
InstaForex Group © 2007-2013

 

[bhanu545]

GBP/USD: intraday technical analysis for May 16, 2013

According to previous events, the price has still been trapped between 1.5263 and 1.5165 so it is of the wisdom to be careful at this range area around the level 38.2% of Fibonacci retracement levels. Therefore, first step is to wait for a period of tight sideway range market before breakouts. Probably the market is going to start showing the signs of bullish market. In other words, it will be a good sign to buy above the support 2 (1.5115) with a first target of 1.5253 and it will climb towards the first resistance. However, if the pair could not break this resistance, hence the market will indicate a bearish opportunity below 1.5315 (it should be noted that the 50% of Fibonacci retracement level is 1.5315) then the level is going to act really as strong resistance. For that it will be a good sign to sell below 1.5315 with a first target of 1.5280 and it is going to call for downtrend in order to continue a bearish market towards 1.5170.

Performed by Mourad El Keddani, Analytical expert
InstaForex Group © 2007-2013

 

[bhanu545]

EUR/USD - Sell bellow fractal 1.2879 - daily strategy for May 17, 2013

The EUR/USD pair continues its downward move. This morning it has been trading below 1.2879 daily fractal. Given the downward pressure is latent, we recommend selling below 1.2879 fractal, more you can sell now at current price levels. It is the nearest target, so you are at the area of support of 1.2730. On the other hand, on the H4 a close above daily fracal will be another opportunity to buy the pair with a first target into the 200-day moving average. It is likely that during the next week the euro can reach low level, 1.2602. We therefore recommend selling, after the pair makes any correction to the pair.

Performed by Gerardo Porras, Analytical expert
InstaForex Group © 2007-2013

 

[bhanu545]

GBP/USD: Fractal 1.5210 - daily strategy for May 17, 2013

Being sustained above the daily fractal 1.5210, this morning the pound sterling has reversed to test the strength of the support. So we expect a bounce in this area. If it happens it is recommended to buy with targets at 1.5300 and 1.5395. In the previous months, 1.52 has served as support and resistance. A weekly close below this level will invalidate our bounce perspective. So we recommend placing the stop loss below weekly minimum 1.5160.

Performed by Gerardo Porras, Analytical expert
InstaForex Group © 2007-2013

 

[bhanu545]

EUR/USD: weekly technical levels for May 20 -- 24, 2013

Observations: R3 and S3 are considered to be clear indicators of the maximum range of extreme volatility, though it is possible to pass them through. Pivot lines work well on the sideways markets as the prices are most likely to be located between the R1 and S1 lines. Within a strong trend, the price is expected to be lower than the pivot point line and it continues moving. If the breaking news released may affect the market, the price is likely to go straight through R1 or S1 and even reach R2 and R3 or S2 and S3.

Performed by Mourad El Keddani, Analytical expert
InstaForex Group © 2007-2013

 

[bhanu545]

GBP/USD intraday technical analysis and trading recommendations for May 20, 2013

The weak bullish structure with integrated swings led to price fall after the upper limit of the movement channel 1.5590-1.5600 had provided a considerable resistance for the pair. The GBP/USD pair broke down important support level 50% Fibonacci which came to meet the pair at 1.5315 with the lower limit of the depicted bullish channel which opened the way for the pair towards Fibo 61.8% located at 1.5245 which was broken too. Price Zone 1.5320-1.5340 was recommended as a SELL entry which is running in profits now. It is adviced that SL should be lowered to 1.5290 to avoid possible reversals. As long as the market bias remains bearish, the GBP/USD should not reach above 1.5250. Otherwise, further movement towards 1.5320 will be expected then. A possible pullback towards 1.5250 is not excluded. However, failure of the pair to have 4H closure again above 1.5250, favours the bearish view towards 1.5150, then 1.5070.

Performed by Mohamed Samy, Analytical expert
InstaForex Group © 2007-2013

 

[bhanu545]

EUR/USD - Buy above 1.2880 - for May 21, 2013

The euro did not experience greate changes in the last few hours and there are significant variations. Although, according to the indicator of fractals, this pair is consolidating below 1.2878, daily fractal. If the euro closes the day below 1.2855, the fall could be fast until the next fractal 1.2599. On the other hand, a recovery of the euro has target in the area of the psychological level of 1.3003 and at the level of the 200-day moving average, which coincides at 1.30. Therefore, we recommende buying above 1.2880.

Performed by Gerardo Porras, Analytical expert
InstaForex Group © 2007-2013

 

[bhanu545]

GBP/USD - Fractal support at 1.5081 - for May 21, 2013

Today after the release of the UK inflation report, the British pound has fallen. It grew less than expected, making stumbling to the British currency to its lowest since April 4. In the medium term the pound remains a downward trend that could be extended to the 1.48 area. Now, in the short term there a support on the daily fractal is at 1.5081. This level will be the immediate support that could push it up, so we expect that upward bounce is in this area. Therefore, we recommend buying this level with targets to 1.5335 fractal.

Performed by Gerardo Porras, Analytical expert
InstaForex Group © 2007-2013

 

[bhanu545]

GBP/USD - fractal support at 1.5081 - for May 22, 2013

The British pound approaches the psychological level of 1.50, a level that was quoted at the beginning of April. Today it has fallen after the publication of retail sales data in the UK, which offered a decline of 1.3%, compared to a unchanged forecast of analysts. The British currency has been weak since the beginning of the week, with an inflation report with lower than expected figures. Now, according to the line of fractals, this pair is in the level of 1.5081, very strong support. Given that today at the American session the price will be affected by the Minutes of the Fed, the publication is scheduled for 2:00 PM Eastern. This data could take the currency upwards to 1.5333 level. Therefore, we recommend caution and operate at low leverage.

Performed by Gerardo Porras, Analytical expert
InstaForex Group © 2007-2013

 

[bhanu545]

EUR/USD - Strong resistance 1.3006 - for May 22, 2013

This morning the euro was trading higher the daily fractal 1.2877. Given that this pair is showing an upward bias, it is likely to stop the rise in the resistance of 1.3006, a level that coincides with the 200-day moving average. This area is a very strong resistance level because in the preceding weeks it served as support and resistance. Thus, this level is considered to be key. Given that during the American session, there will be data that may influence pairs which are traded against the dollar, so we recommend great caution and sell at the resistance levels.

Performed by Gerardo Porras, Analytical expert
InstaForex Group © 2007-2013

 

[candle7779]

GBPUSD:
My forecast for this pair is the next for today:
Price will be fixed upper the level 1.5053 and if the published dates will be like my prediction then target of bullish movement will be 1.51160.
Have a perfect trading.

 

[bhanu545]

GBP/USD Key Level 1.5080 for May 23, 2013

The British pound is trading at the key fractal level of 1.5080, which is a strong resistance to the pair. Suggesting that yesterday's rejected area of 1.50 (psychological level) is likely to be a recovery at least until the resistance level of 1.5335 (where sell may occur), we recommend to buy only if the price is hovers above 1.5080 in 4-hour chart with the target at 1.5080. Note that Momentum indicator is forming a rounded bottom suggesting that there may be an upside rebound for the next few days. Watch the moving average of the MACD, which, in its turn, can push the pound to the level of 1.53.

Performed by Gerardo Porras, Analytical expert
InstaForex Group © 2007-2013

 

[bhanu545]

EUR/USD Key Level 1.30 for may 23, 2013

During yesterday's American session, the euro managed to go up to 1.30 resistance. As this level is very strong and considered as a psychological level, and as far as the quote is below this level and below the 200 EMA, it is likely to continue the downward trend in the medium term. However, in the short term we expect this pair to remain above 1.2877 fractal, therefore, we suggest buying at current levels with the goal at 1.30. Moreover, we recommend selling at this level with targets 1.2877 and 1.2599 for the medium term. On the other hand, the technical indicator is in the tricky area: if the moving average of MACD decline, we should wait a daily close above 1.30 to change our bearish outlook. We expect the signal to be confirmed during the next few days.

Performed by Gerardo Porras, Analytical expert
InstaForex Group © 2007-2013

 

[bhanu545]

EUR/USD - Sell bellow 1.3010 - for May 24, 2013

This morning thye euro is shown with an upward bias due to an unexpected increase in German IFO business climate. This data was giving strength to the euro in the last hours, more precisely from the start of the session Europe. Now, it still maintains the bearish perspective for this pair below the 1.3010, a psychological level, because at that level there is the point to measure whether the market is bullish or bearish. Therefore, we recommend selling at any level below 1.3010 with a stop loss in the 1.3050, our first objective we place in the 1.2877 support, also daily fractal, and our ultimate goal is at 1.2599 dollars per euro.

Performed by Gerardo Porras, Analytical expert
InstaForex Group © 2007-2013

 

[bhanu545]

GBP/USD - Buy long above 1.5080 - for May 24, 2013

The pound sterling exceeded the 1.51 area in the last few hours, but it found resistance at 1.5135. H4 Fractal level is currently trading at 1.5112. The decline is likely to continue until the daily fractal level 1.5080. So we recommend buying at this level with targets at 1.5333 for a profit taking in the medium term. On the other hand, a weekly close below 1.5080 will be a sign to leave our bullish. However, in the chart we may see that the Momentum Indicator is showing an upward bias that is pointing to the moving average of MACD, which adds strength to our bullish strategy.

Performed by Gerardo Porras, Analytical expert
InstaForex Group © 2007-2013

 

[bhanu545]

EUR/USD. Forecast for May 27, 2013

US data on Durable Goods Orders in April published on Friday was better than expected (3.3% vs. 1.6%). However, investors preferred not to take active measures before holiday. As the result the euro and the stock market indices close the day near the opening prices. In the three coming day relevant information is not published. However, the overall preceding sentiment was nor in favour of risks. Last week S&P500 dropped 0.96%, in spite of the euro closed the week having grown 90 points, the currency rose due to technical correction mainly – closing of the short-term sells. Concerns about QE3 trimming are still expressed in the US media and the first negative is expected on Thursday pertaining to decrease in the Existing Home sales and on Friday amid drop in the Personal spending which came worse than expected. Technically, we may see that on the daily chart last three candlesticks were outlining the Kruzenshtern trend line (blue sliding) and could not close above it. If it is broken to the downside, we expect further descending movement to the low of May 17, as the first target of week's downward movement. On the H4, if the support on the level of 1.2907 is overcome, we expect drop to the Kruzenshtern line, 1.2880, the next target is 1.2857, support of trend line.

Performed by Yuriy Zaycev, Analytical expert
InstaForex Group © 2007-2013

 

[bhanu545]

GBP/USD intraday technical analysis and trading recommendations for May 27, 2013

The weak bullish structure with integrated swings led to the price fall after the upper limit of the movement channel 1.5590-1.5600 had provided a considerable resistance for the pair.
The GBP/USD pair broke down important support level, 50% Fibonacci which came to meet the pair at 1.5220 which opened the way for the pair towards Fibo 61.8% located at 1.5130 which was broken too.
On Monday, failure of the pair to have 4H closure again above 1.5250 cleared the way towards 1.5015 (Fibonacci 78%) which expressed some bullish rejection so far.
As long as the market bias remains bearish, the GBP/USD pair should not reach above 1.5200 which will probably provide a valid SELL entry on retesting (downtrend line and 50% Fibonacci) with SL located just above 1.5250.
Failure of the pair to step again above 1.5130 (61.8% Fibo) will probably lead to another bearish swing without further testing of 1.5200.

Performed by Mohamed Samy, Analytical expert
InstaForex Group © 2007-2013

 

[candle7779]

GBPUSD:
Due to news from USA USD might consolidate. Having made technical analysis I can say that it is expected downtrend of this pair to 1.50200.