Technical analysis on EU,GU and majors

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EUR/USD intraday technical levels for July 19, 2013

Today EUR/USD has support and resistance at 1.3063 and 1.3151. The rate is accompanied by strong support at 1.3050 and by 1.3164 as strong resistance. If EUR/USD breaks out and closes below 1.3042 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above 1.3172 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 1.3076 and at 1.3138, a SELL position. In this case both targets should be located at the level of 1.3107.

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

 

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GBP/USD - Bearish outlook - for July 18, 2013 (daily strategy)

This morning the pound sterling was trading at the level of 1.5190. Given that yesterday it could not break the resistance zone of 1.5270, today it is located at 1.5190. It is more likely the pair continues falling, though, if at the American session the pair manages to rise to the level of resistance it would be a good opportunity to sell at these levels. The pound also weakened amid data on UK Retail Sales, in line with forecasts. Therefore, we recommend selling at current price levels, or if there is a pullback, keep selling, with objectives to support level 1.5048.

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

 

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EUR/USD intraday technical levels and trading recommendations for July 22, 2013

Consolidation above the previously broken uptrend line goes on this week too after the pair established a consolidation range between 1.3060 and 1.3180. The weekly candlestick came bullish for the 2nd week in a row closing at 1.3140 after the pair found strong demand at 1.3060-1.3075 corresponding to SMA 100 and the lower limit of congestion zone. The next supply zone is located around 1.3225 (previous top established in May) where price action should be watched.

The congestion zone is more obvious on the 4H chart where a bullish trial to step above the upper limit 1.3180 is taking place today. The previous trial to breakout off this congestion zone failed when the pair expressed inverted hammer 4H candlestick four hours ago. However, success to do so will push the pair towards projection target roughly located at 1.3277. Intraday demand zone is located around 1.3125 which corresponds to mid-range support. Fundamentally, the euro rose against the USD during today. However, gains were limited during those trades. Speculation that the Fed would reduce its bond-buying program later this year will support the USD currency.

Performed by Michael Becker, Analytical expert
InstaForex Group © 2007-2013

 

[bhanu545]

GBP/USD: weekly technical levels for July 22 - 26, 2013

Trading recommendation: According to the previous events, the price of the GBP/USD pair is still between the levels of 1.5270 and 1.5310. The descending movement will probably be lower than the 1.5380 level with the first targets at 1.5280 and 1.5225. Buy deals are recommended above the 1.5191 level with targets at 1.9279 in order to form double top at this level, and it will resume towards 1.5010.

Observations: Please check out the market volatility before investing, because the sight price may have already been reached and scenarios become invalidate. Use historic prices to determine future prices. Stop loss should never exceed your maximum exposure amounts. As a rule, the market has a high volatile if the last day had a huge volatility.

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

 

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EUR/USD - Sell below 1.3214 - for July 23, 2013

The euro is very optimistic because some eurozone news gave a bit of force to the pair. Now it must face the 1.3214 area, for example, Spanish recession slowed in the second quarter of 2013, thanks to the improvement in the external field. The Bank of Spain showed that Gross domestic product (GDP) declined 0.1 percent quarter-on-quarter in the three months to June, slower than a 0.5 percent fall seen in the first quarter. On the technical level, we note that this pair is showing overbought levels, the fact that now the market has a pause is an antecedent of what is to come. If the pair is below 1.3214, we recommend selling all the way up 1.30, psychological level and below 1.30 the fall could be faster to the level of 1.28.

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

 

[bhanu545]

GBP/USD - Sell if close below 1.5352 - for July 23, 2013

The British pound, on the daily graphics, has formed a double top technical pattern, a close below 1.5323 will be the beginning of this move lower to 1.5260 level as the first goal. If this level is broken, the fall could be faster to the weekly pivot level of 1.5191. Therefore, we recommend selling below 1.5352 and stop loss above the maximum of yesterday. On the other hand, the Momentum Indicator is showing a bearish signal, which is more probably a decline in the pound for the next few days.

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

 

[bhanu545]

EUR/USD - Key level 1.3214 - for July 24, 2013

The euro reached 1.3255 at its high of the day so far, due to a series of data from Germany and France related to manufacturing, with better than expected figures. It has given the euro bullish strength, but we note that in the American session this pair is falling, while the Momentum Indicator is showing a bullish signal. Maybe just a pullback continues the upward move, but we must be very careful as this pair tries to bounce back above 1.3214. If this area is broken and 4H chart is located below, this will be a good chance to sell this pair up to 1.3104 support.

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

 

[bhanu545]

GBP/USD - Sell if close below 1.5395 - for July 24, 2013

The pound sterling moves without trend within a primary bullish trend in 4H charts, but with a support 1.5320, break of which would determine the start of a major downtrend and also notice the formation of a figure of reversal (triple top). It seems to confirm the bearish direction of the British currency for the rest of the day. However, if we look at the Momentum Indicator, it is showing strong bearish signal and confirms that the higher up the pair the better opportunity to sell, with target 1.5191, and if this area is broken we expect it to fall to 1.5050 level.

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

 

[bhanu545]

GBP/USD - Sell Below Fractal 1.5334 - for July 25, 2013

The pound sterling rose for the fourth consecutive day to break the 1.54 level, amid GDP data from the UK and the German IFO, marking the business climate in the country, and that in both cases, threw figures according to what had been predicted, but failed to overcome that area again. Now the rate is below the 1.5334 fractal daily, adding the chances of a downward movement, which could lead it to the nearest area of 1.5082 fractal. Therefore, we recommend selling below 1.5334 fractal also the MACD indicator is showing bearish signal which is already confirmed.

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

 

[bhanu545]

EUR/USD - Sell below fractal 1.3230 - for July 25, 2013

The euro has started to lose accumulated profits. The fact that it could not close above the daily fractal level 1.3228 increases the likelihood of a decline of the pair until the next fractal. Now immediate support is located at 1.3068. This pair is a little quiet, which means that soon we will see strong movements in this pair. This pair has always been affected by Federal Reserve data, which is its main driving force. However, there is concern that the FED begins to reduce its quantitative easing in September and that will raise the value of the U.S. dollar. If you take into account the weakness of the European economy, it is more likely that in the next few weeks the euro reaches the level of 1.30.

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

 

[bhanu545]

EUR/USD - Bearish outlook for July 26, 2013

The euro is again about 1.33, a value which for now has become a barrier that is hard to overcome. But if it wins it will extend its gains to 1.3330, next resistance. However, we note that the euro stopped in the second weekly resistance. Given that we have a clear signal to sell, we recommend selling at current price levels. But if the pair closes above 1.33 you must close positions and wait until a new opportunity. The US dollar is low, it is because certain media indicate that the Fed will not change its current monetary policy; FOMC interest rate announcement is scheduled on July 31.

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

 

[bhanu545]

GBP/USD - Bearish outlook for July 26, 2013

The British pound has shown a bullish force that has stopped in the second weekly resistance. We expect that the market is waiting to see what will happen next week due to planned FOMC meeting. Watching our graph we see that the pound is overbought and the Momentum Indicator is showing a clear bearish signal. We recommend selling at any level below 1.5444 (W_R2). If this level is broken, please stop selling and wait the next input confirmation.

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

 

[bhanu545]

EUR/USD intraday technical levels for July 29, 2013

TODAY'S TECHNICAL LEVELS:
Breakout BUY Level: 1.3352.
Strong Resistance: 1.3344.
Original Resistance: 1.3331.
Inner Sell Area: 1.3318.
Target Inner Area: 1.3287.
Inner Buy Area: 1.3256.
Original Support: 1.3243.
Strong Support: 1.3230.
Breakout SELL Level: 1.3222.

DESCRIPTION: Today EUR/USD has support and resistance at 1.3243 and 1.3331. The rate is accompanied by strong support at 1.3230 and by 1.3344 as strong resistance. If EUR/USD breaks out and closes below 1.3222 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above 1.3352 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 1.3256 and at 1.3318, a SELL position. In this case both targets should be located at the level of 1.3287.

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

 

[bhanu545]

GBP/USD. Forecast for July 29, 2013

On Friday, amid lack of important data the pound was trading in the range 1.5357-1.5418. Today at 12:30 UTC+4 data on the UK is published. Net Consumer Credit is forecast to be at May’s level, 0.7 billion pounds. Net lending secured on Dwellings is expected to be higher; 0.7 billion pounds vs. 0.3 billion pounds. Net lending to Individuals is expected to be 1.4 billion pounds vs. 1.0 billion in May. Mortgage Approvals are expected to be 59,7K vs. 58.2K in May. At 14:00 UTC+4 CBI Realized Sales in July is published, forecast 10 vs. 1 in June. Thus, positive. From the technical point of view, after the rate breaks the testing level 1.5436, the nearest target 1.5458 is expected, after it is broken, movement to 1.5528, the high of June 21, is possible. If weak data is published, we expect the break of lower testing level 1.5357 and movement to 1.5323.

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

 

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EUR/USD - Fractal 1.3304 - for July 30, 2013 (daily strategy)

On Tuesday, the EUR/USD pair showed an uptrend, close to the fractal 1.3304 on the 4H chart. You might notice, this level is offering much resistance, as the ECB and Fed will meet this. Therefore, we recommend you to operate with caution, do not expose your account risk, and always remember your stop loss when you operate. Therefore, at this moment we recommend selling the euro on the 1.3277 level with targets until next fractal 1.3195, which will run until morning before the fundamentals.

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

 

[bhanu545]

GBP/USD - Buy above 1.5270/50 - for July 30, 2013

Yesterday the pound closed below the weekly pivot point of 1.5358; it is now in a downtrend. Given that there is a weekly support below 1.5378 and the 15-day moving average is around 1.5250, it is more likely that among these levels the pair stops the fall. Therefore, it is recommended to buy, only the volume low, and if you observe the formation of fractal at these levels, it will be the sign of a bullish rebound, which could take it back to the 1.5460 level. The pound drops against the US dollar the more for three weeks before Britain’s policy makers release their quarterly Inflation Report next week, which will include findings on interest-rate guidance.

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

 

[bhanu545]

GBP/USD - Key level 1.51 - for July 31, 2013

The pound shows weakness, without fundamental at the time. However, with the monetary policy announcement scheduled for Thursday and an oversold level in the short term it could at least slow its fall in the 1.51. Given that this pair, before data is known later today and tomorrow, is showing oversold levels and we think there may be a rebound in that area, because the Momentum Indicator is touching the line of the MACD. If it is broken, the bearish signal would be confirmed and it would be the beginning of a new bearish wave, which would lead to the minimum of 1.4850. We therefore recommend buying in 1.51 with take profit at 1.5280, as shown in the chart below.

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

 

[bhanu545]

EUR/USD - Bearish outlook - for July 31, 2013

The euro is moving below 1.33, a value that has been touched several times in recent days, but without breaking of 1.3230, (daily fractal). Thus, it is keeping the pair in an apparent indecision. A low of 1.32 accelerated the loss of the single currency looking at least the 1.3130 area in a few hours. On the other hand, a pullback to the last area of 1.3380 fractal would be a good selling opportunity. We recommend great caution, as our outlook is bearish for this pair, supporting our view, the Momentum Indicator is about to touch the MACD line; if it breaks it, it would be a bearish signal and we can sell the pair with objectives to 1.3066 fractal.

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

 

[bhanu545]

EUR/USD - Key fractal 1.3230 - for August 01, 2013

The euro in the Asian session was trading at this level of 1.3276. The Fed said yesterday that persistently low inflation could hamper the economic expansion and pledged to keep buying $85 billion in bonds every month. This data originated that the euro has a strong bullish momentum towards 1.3336 area. On the other hand, we observe the Momentum Indicator that has a small space to touch the area of the moving average of the MACD. If it is likely, it supports a bounce that would reflect that the euro could bounce off the 1.3325 area, and if the Momentum Indicator MACD sharply falls it could be a good sell signal, which confirmed the closure would remain in daily graphs below the fractal of 1.3230. So we leave the following recommendation drawn on the graph.

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

 

[bhanu545]

GBP/USD - Rebound Level at 1.51 For August 01, 2013

The British pound remains under downward pressure. Yesterday in the afternoon, markets movements were muted before FOMC statement, which was clearly dovish, incorporating the risk of disinflation. After this data the pound recovered positions managing to reach the 1.5230 level, but we believe the weekly support level of 1.51 will offer much support; it could find a rebound that would take it to the level of 1.5280. In the medium term is a weakness of the British currency, as the indicators show a deeper fall of the pound to the level of 1.50, and further down to 1.47, in the coming months. However, in view that there is no bearish confirmation for the pair yet; it is more likely to seek levels of purchased in the daily supports.

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