Yesterday, the GBP/USD pair started the day with a decline. However, the break of the level of figure 55 led to a dynamic rebound from the low of the day (1.5480). Meanwhile, the wave structure, which was observed after yesterday’s downward movement, suggests that the currency pair came into the stage of formation of inner wave structure of wave c in terms of current downward correction, starting from the high of August 21. If it is true, the first target for this wave c may be placed near the level of 1.5420 with the outlook to reach the level of 1.5400. Targets for downward wave: 1.5529 – 76.4% of Fibonacci 1.5392 – 61.8% of Fibonacci Targets for upward wave: 1.5700 – 1.5800
EUR/USD intraday technical levels and trading recommendations for August 29, 2013
Consolidation above the previously broken downtrend depicted in the chart continued for 10th day in a row before what the market is expressing today takes place. This took place after finding solid supply around 1.3200. The previous weekly candlestick had a small bullish body representing failure of the bulls to close above the high of the precceeding weekly candlestick at 1.3380, which applied bearish pressure again on the pair during this week, despite the bullish closure of the precceeding weekly candlestick. A rebound from Tuesday’s high (August 20) took place on the next day, back down towards support around 1.3400 and 1.3300, where the backside of the broken downtrend line is located, providing demand for the pair giving a chance for the bulls to retest 1.3400 again. Yesterday, the EUR/USD pair managed to have a bearish engulfing daily candlestick that lead to the strong bearish momentum witnessed today supported by the fundamental data about inflation data in Germany which represents deterioration. Now the short-term view turns to be bearish probably towards 1.3200-1.3180 where the SMA100 comes to meet the pair roughly, where price action should be watched carefully for a possible BUY entry.
GBP/USD intraday technical levels and trading recommendations for August 29, 2013
Strong bullish sentiment was expected to be found at the support zone around 1.4830, which pushed the pair to the upside reaching 50% Fibonacci level around 1.5275, 1.5400 corresponding to 61.8% Fibonacci level, then 78% Fibonacci around 1.5533. Some bearish rebound took place off 1.5400 towards 1.5100, where an ascending bottom was established on August 1. Now there are prominent established ascending bottoms around 1.5100, 1.5200, and 1.5420. It is important to note that the market expressed a SHOOTING STAR weekly candlestick, which roughly tested 1.5585. This provided strong bearish momentum for the pair to fixate below 1.5540, which was retested again on Tuesday. We need to see obvious closure of 4H above 1.5540 then 1.5570 to return bullish towards 1.5630 then 1.5750 in the short-term prospect. As expected, 4H fixation below 1.5540 brought bearish pressure back to 1.5430 initially. Around 1.5430-1.5400, bullish pressure will probably be applied to push again towards 1.5570 (a possibility to achieve a Head&Shoulders pattern) as long as the price remains above 1.5400.
EUR/USD intraday technical levels for August 30, 2013
Today, EUR/USD has support and resistance at 1.3195 and 1.3283. The rate is accompanied by strong support at 1.3182 and by 1.3296 as strong resistance. If EUR/USD breaks out and closes below 1.3174 today, it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above 1.3304, it will denote high bullish strength. Alternatively, for advance traders, you can open a BUY position at the level of 1.3208 and at 1.3270, a SELL position. In this case both targets should be placed at the level of 1.3239.
The British pound has finished building of upward trend channel and at the moment is forming. If this assumption is correct, then the decline of quotes will continue in terms of downward trend channel with targets placed near the levels of 1.5392 and 1.5281, which is corresponding to 61.8% and 50.0% of Fibonacci. In terms of correctional up wave the rise of the quotes may start with targets placed near 1.5529 and 1.5643, which is corresponding to 76.4% and 88.6% of Fibonacci. Upward channel supports the outlook of the continuation of building upward trend channel, break of its lower line suggests the building of a more complex downward trend channel, probably, impulse one.
EUR/USD intraday technical levels and trading recommendations for September 2, 2013
Consolidation above the previously broken downtrend depicted in the chart continued for 10 day in a row before the current bearish dip took place on Thursday. This took place after finding solid supply around 1.3400. The previous weekly candlestick had a small bullish body representing failure of the bulls to close above the high of the precceeding weekly candlestick at 1.3380, which applied bearish pressure again on the pair during last week, despite the bullish closure of the precceeding weekly candlestick. Last week, the EUR/USD pair managed to have a bearish engulfing Weekly candlestick which was formed by the strong bearish momentum witnessed especially on Thursday supported by the fundamental data about inflation data in Germany which represented deterioration. The short-term view turned to be bearish towards 1.3180 (previous week's low) where the SMA-100 comes to meet the pair roughly, where price action should be watched carefully for a possible BUY entry. As depicted on the chart, today's daily candlestick remains an inside bar that failed to bypass the previous candlestick's low. If this goes on untill the daily closure, there would be high probability of bullish reversal to the upside to test the high around 1.3250. However, the bearish weekly closure may exhibit SELLING pressure on the market to exceed this low around 1.3175 for further decline towards 1.3150 and 1.3100 initially.
EUR/USD intraday technical levels for September 03, 2013
Today, EUR/USD has support and resistance at 1.3147 and 1.3235. The rate is accompanied by strong support at 1.3134 and by 1.3248 as strong resistance. If EUR/USD breaks out and closes below the 1.3126 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3266 level, then it will denote high bullish strength. Alternatively, for advance traders, you can trade in the way to open a BUY position at the level of 1.3160 and at 1.3222, a SELL position. In this case both targets should be placed at the level of 1.3191.
Wave analysis of the GBP/USD pair for September 3, 2013
The British pound has accomplished building of upward trend channel and at the moment the pair is constructing the correctional channel. If this assumption is correct, then the decline of the quotes continues in terms of downward trend channel with targets placed near calculated targets 1.5392 and 1.5281, which is corresponding to 61.8% and 50.0% of Fibonacci. In terms of correctional up wave the rise of the quotes may continue with targets placed near the level of 1.5643, which is corresponding to 88.6% of Fibonacci. From the current positions the pair may start formation of a new down wave. The upward channel preserves the outlook of the continuation of building of upward trend channel; the break of its lower line assures us in the readiness of the pair to build downward trend channel.
The EUR/USD's support was broken and turned to resistance on the 28th of August 2013, thus the pair has already formed strong resistance at 1.3356. Moreover, after it could not close above 100% Fibonacci retracement levels it started indicating a bearish market, the price has been placed below 78% Fibonacci within two weeks in the 4H chart. Additionally, it should also be noted that the price has still been trapped between 50% Fibonacci retracement levels and 00%. Equally important is that the RSI and the Moving Average (100) are still calling for downtrend. Therefore, the market indicates the bearish opportunity at the level of 1.3500 in H4 chart with the first target of 1.3266 and further towards 1.3150. On the other hand, if the price closes above the resistance then the best location for placing a stop loss should be above 1.3410. However, the level of 1.3150 will set a strong support for September 4 - 5, 2013 then it is of the wisdom to long buying at 1.3150 with a first target the weekly pivot point at the level of 1.3266 then it will continue towards the resistance at 1.3356 in order to test it.
Forecast for the GBP/USD pair for September 4, 2013
The British pound has completed formation of upward trend channel and at the moment is building a corrective channel. If the assumption is correct, the decline of the quotes will resume in terms of downward trend channel with targets placed near 1.5409 and 1.5336, which is corresponding to 50.0% � 61.8% of Fibonacci. In terms of correctional upward wave the rise of the quotes may continue with targets located near the level of 1.5646, which is 11.4% of Fibonacci. From the current positions the instrument may start building of a new downward wave. Upward channel preserves perspectives of the continuation of building of upward trend channel, the break of its lower line provides us with the prove the instrument is ready to build downward trend channel.
EUR/USD intraday technical levels for September 05, 2013
Today, EUR/USD has support and resistance at 1.3156 and 1.3244. The rate is accompanied by strong support at 1.3143 and by 1.3257 as strong resistance. If EUR/USD breaks out and closes below the 1.3135 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3265 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 1.3169 and at 1.3231, a SELL position. In this case both targets should be located at the level of 1.3200.
The resistance has been already set at the level of 1.5600 as well as the support has been set at 1.5598 for September 3, 2013. Therefore, according to the previous events, the price has still been trapped between 1.5580 and 1.5600, then it should be noted that the range today will be around 85 pips. Consequently, the trend in the 1H time frame is calling for a bullish market at the level of 1.5600. Hence, above 1.5600 look for further upside move with targets at 1.5645, if it can break the resistance for today (1.5645), so the price it will continue towards 1.5695 today. On the other hand, sell below 1.5635 with a first target at 1.5580; it might resume to 1.5595 tomorrow in order to test the strong support of this week.
EUR/USD intraday technical levels for September 06, 2013
Today, EUR/USD has support and resistance at 1.3076 and 1.3177. The rate is accompanied by strong support at 1.3063 and by 1.3177 as strong resistance. If EUR/USD breaks out and closes below the 1.3055 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3185 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 1.3089 and at 1.3151, a SELL position. In this case both targets should be located at the level of 1.3120.
The resistance has been already set at the level of 1.5598 as well as the support has been set at 1.5598 for September 6, 2013. Therefore, according to the previous events, the price has still been trapped between 1.5580 and 1.5600, then it should be noted that the range today will be around 95 pips. Consequently, the trend in the 1H time frame is calling for a bullish market at the level of 1.5600. Hence, above 1.5600 look for further upside move with targets at 1.5645, if it can break the resistance for today (1.5645), so the price will continue towards 1.5695 today. On the other hand, sell below 1.5635 with the first target at 1.5580; it might resume to 1.5595 tomorrow in order to test the strong support of this week.
EUR/USD intraday technical levels for September 09, 2013
Today, EUR/USD has support and resistance at 1.3128 and 1.3216. The rate is accompanied by strong support at 1.3115 and by 1.3229 as strong resistance. If EUR/USD breaks out and closes below the 1.3107 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3237 level, then it will denote high bullish strength. Alternatively, for advance traders, you can trade in the way to open a BUY position at the level of 1.3141 and at 1.3203, a SELL position. In this case both targets should be placed at the level of 1.3172.
GBP/USD weekly technical levels for September 9-13, 2013
GBPUSD: According to the previous events, the price has still been trapped between 1.5700 and 1.5650. Long buying: Buy above 1.5605 (the weekly pivot point) with the first target at 1.5681 in order to form a double top, it might resume to 1.5706 to test the first resistance for September 9, 2013. Short selling: Outlook: Below 1.5706 look for further downside with 1.5620 and 1.5564 targets. It should be noted that at the level of 1.5564 a double bottom will be formed. Intraday technical levels: Date & Time: 9/09/2013 13:13 Pair: GBP/USD Projected High: 1.5942 Breakout (Buy Stop): 1.5887 Strong Resistance (Sell Limit): 1.5857 Current Pivot: 1.5593 Strong Support (Buy Limit): 1.5329 Breakout (Sell Stop): 1.5304 Projected Low: 1.5254
EUR/USD intraday technical levels for September 10, 2013
Today EUR/USD has support and resistance at 1.3212 and 1.3300. The rate is accompanied by strong support at 1.3199 and by 1.3313 as strong resistance. If EUR/USD breaks out and closes below the 1.3191 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3321 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 1.3225 and at 1.3287, a SELL position. In this case both targets should be located at the level of 1.3256.
GBP/USD intraday technical levels and trading recommendations for September 10, 2013
The price level of 1.5460 was a prominent target for the cable sellers at 1.5690. The price level of 1.5430 (the backside of the broken downtrend) expressed significant bullish pressure. On Tuesday, the Organization for Economic Cooperation and Development (OECD) raised growth forecasts for the United Kingdom while lowered expectations about the possibility of having more economic growth in the United States. This lead to significant bullish push above 1.5555 which invalidated the H&S pattern. Fixation above 1.5700 is vital for the bulls to keep pushing higher especially after we had a bullish hammer candlestick candlestick at 1.5630.
EUR/USD intraday technical levels and trading recommendations for September 11, 2013
Immediate bullish pressure was expressed on testing the depicted uptrend line around 1.3100 resulting in a bullish engulfing daily candlestick that closed above 1.3170. This was followed by a full-body bullish daily candlestick representing accelerated momentum that pushed towards 1.3275 and heading towards 1.3315-1.3330 in the current time. Price Zone 1.3330-1.3350 is a prominent SUPPLY zone for the EUR/USD pair to be watched carefully for price action.
Bullish rejection off 1.3100 is obvious on the 4H chart. A narrow consolidation range was established between 1.3240-1.3280 and bullish breakout is taking place right now with projection target located at 1.3330. The importance of price zone 1.3330-1.3350 is apparent on the 4H chart being a previous consolidation zone that pushed the pair 200 pips to the downside recently. The pair may find immediate Selling pressure at this zone. However, some sideway movement is not excluded due to indecision in the fundamental view of USD.
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