Wave analysis of the GBP/USD pair for September 25, 2013
It seems like the British pound has completed formation of uptrend, which looks like a fully complete. If the uptrend gets more complex, then the rise of the quotes will continue with targets placed near the level of 1.6142, which is corresponding to 200.0% of Fibonacci; if the attempt to break the level succeeds, towards the figure 63. Unsuccessful attempt to break the level of 1.6142 (No.1) suggests that the pair is ready build down wave or a series of waves located near the calculated targets 1.5881 and 1.5795, which is corresponding to 38.2% and 50.0% of Fibonacci.
EUR/USD intraday technical levels for September 26, 2013
Today EUR/USD has support and resistance at 1.3472 and 1.3562. The rate is accompanied by strong support at 1.3459 and by 1.3575 as strong resistance. If EUR/USD breaks out and closes below 1.3451 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3583 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 1.3485 and at 1.3549, a SELL position. In this case both targets should be located at the level of 1.3517.
GBP/USD intraday technical levels and trading recommendations for September 26, 2013
Strong bullish sentiment was found in the support zone around 1.4830, which pushed the pair to the upside reaching 1.5400 then 1.5700 where two prominent tops were established. The uptrend line around 1.5430-1.5400 applied bullish pressure on the pair which was able to break trough 1.5720 which corresponds to August's highest level and the recently established top. The market expressed obvious closure above 1.5575 which invalidated the H&S reversal pattern. This opened the way towards 1.5900, 1.6000 and 1.6170. It is important to note that the market expressed bearish rejection off 1.6150 which resulted in an inverted hammer WEEKLY candlestick. That is why, bearish movement is expected to take place during this week provided that the bears remain defending the weekly high at 1.6150. Fibonacci expansion 100% is located at 1.6040 where the upper limit of the ongoing channel is located. All bearish expectations towards 1.5800-1.5750 depend on not breaking 1.6040 to the upside again. Targets for the sellers are located around 1.5885, then 1.5780 if enough bearish momentum is expressed.
EUR/USD intraday technical levels and trading recommendations for September 27, 2013
Daily View: Price Zone 1.3515-1.3560 represents a valuable Supply zone that kept price below for almost two months. The pair is showing some bearish rejection manifested in the Daily candlesticks of previous week as well as Monday's bearish engulfing candlestick. However, lack of bearish follow-up is witnessed today. Looking at the Inside-Bar of Friday, a bearish retracement movement is expected after breakdown of Friday's low at 1.3495 to push the pair towards 1.3430 then 1.3375. Another probability that may happen if the pair returned to consolidate above 1.3495, is another bullish swing towards 1.3590-1.3600, provided that the bulls manage to break above 1.3550.
4H View: A double-top pattern with the neck-line at 1.3465 was invalidated today when the bulls managed to have 4H closure above 1.3515 (back again inside the broken channel). Fixation above 1.3515 invalidates this bearish view mentioned above opening the way towards 1.3590-1.3600 in the short-term prospect. Fundamentally, European business activity rises in the third quarter from the previous three months according to private sector report released Yesterday. Moreover, optimism about the euro zone's economy brightened for the fifth month hiting a 2-year high in September, adding to the evidence that recovery is underway.
GBP/USD intraday technical levels and trading recommendations for September 27, 2013
Strong bullish sentiment was found in the support zone around 1.4830, which pushed the pair to the upside reaching 1.5400 then 1.5700 where two prominent tops were established. The uptrend line around 1.5430-1.5400 applied bullish pressure on the pair which was able to break trough 1.5720 which corresponds to August's highest level and the recently established top. The market expressed obvious closure above 1.5575 which invalidated the H&S reversal pattern. This opened the way towards 1.5900, 1.6000 and 1.6170. It is important to note that the market expressed bearish rejection off 1.6150 which resulted in an inverted hammer WEEKLY candlestick. That is why, bearish movement was expected to take place during this week provided that the bears remain defending the weekly high at 1.6150. However, lack of bearish momentum enhanced by the weakness of the USD prevented further decline. Fibonacci expansion 100% is located at 1.6040 where the upper limit of the ongoing channel is located. Stablilization above this level opens the way towards the next one around 1.6200 where Fibonacci Expansion 127.2% is located. Mohamed Samy is taking part in the "Analyst of the Year" award organized by MT5.com portal. If you like his article, please vote for him.
EUR/USD intraday technical levels for September 30, 2013
Today EUR/USD has support and resistance at 1.3449 and 1.3539. The rate is accompanied by strong support at 1.3426 and by 1.3552 as strong resistance. If EUR/USD breaks out and closes below the 1.3428 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3560 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 1.3462 and at 1.3526, a SELL position. In this case both targets should be located at the level of 1.3494.
GBP/USD weekly technical levels for September 30, 2013
If the trend is of an upside character, then the strength of the currency will be defined as following: GBP is an uptrend and USD is a downtrend. Fibonacci retracement is used to determine accurate psychological levels of support and resistance. The period of time should be taken into account. Fibonacci is in a range trade; it looks like the trend is trapping and going up or down. If you sell or buy for a long term in this period, you will surely lose your profit. Stop loss should never exceed your maximum exposure amounts. As a rule, the market is highly volatile if the last day had a huge volatility.
EUR/USD intraday technical levels for October 01, 2013
Today EUR/USD has support and resistance at 1.3480 and 1.3570. The rate is accompanied by strong support at 1.3467 and by 1.3583 as strong resistance. If EUR/USD breaks out and closes below the 1.3459 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3591 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 1.3493 and at 1.3557, a SELL position. In this case both targets should be located at the level of 1.3525.
GBP/USD intraday technical levels and trading recommendations for October 1, 2013
The cable invalidated the reversal Head and Shoulders pattern maintaining quite strong bullish momentum to the upside. Daily closure above 1.5719 (the highest level in August) enhanced further bullish pressure to be applied, so that the bulls could step above 1.5760 (the highest level in June). The pair expressed a bearish Harami daily candlestick off 1.6150, which was followed by daily closure below 1.6035 which took place on Friday. However, the cable bounced from recent lows resuming the upside momentum, having climbed back above 1.6200 as the USD weakens during the previous trading days. Previous bullish swing targeted 100% Fibonacci Expansion level. However, the current bullish swing was strong enough to bypass this level when the pair stepped above 1.6035 recording a daily high at 1.6264 which is 70 pips higher than 127.2% Fibonacci Expansion Level. However, most of the daily gains was being lost affected by ISM manufacturing PMI. Price fixation above 1.6205 enables the bulls to reach 1.6285 very quickly (141.4% Fibo Expansion) where intraday resistance should be applied.
EUR/USD intraday technical levels and trading recommendations for October 2, 2013
Price Zone 1.3515-1.3560 represents a valuable Supply zone that kept price below for almost two months. The pair was showing some bearish rejection manifested in the Daily candlesticks of previous week as well as yesterday's bearish inverted hammer daily candlestick. However, lack of bearish follow-up was witnessed this week when the pair spiked to a new high around 1.3607. Monday's daily candlestick was an inside-bar representing indecision of the market, then Yesterday we had a false bullish breakout (after US shutdown news) until the US manufacturing sector showed slight improvement in yesterday's data release which brought the market to close at 1.3525. Looking at the daily candlestick of Friday which is similar to yesterday's one, the bulls reached 1.3565 then failed to stabilize there. Instead, daily closure took place at 1.3520 rendering price level 1.3565 a valuable supply level to be watched. Today, significant bullish momentum is witnessed after the emergence of the U.S. private sector employment report which is weaker than expected due to investors' concern about the government to stop financing of non-core services for a period of more than prescribed. Bearish retracement movement is still expected to take place if 1.3590-1.3600 manages to pause the ongoing bullish momentum. Another probability that may happen if the pair expresses daily closure above 1.3590; there is another bullish swing towards 1.3660-1.3700 supported by the fundamental situation of USD.
GBP/USD intraday technical levels and trading recommendations for October 2, 2013
Strong bullish sentiment was found in the support zone around 1.4830, which pushed the pair to the upside reaching 1.5400 then 1.5700 where two prominent tops were established. The uptrend line around 1.5430-1.5400 applied bullish pressure on the pair which was able to break trough 1.5720 which corresponds to August's highest level and the recently established top. The market expressed obvious closure above 1.5575 which invalidated the H&S reversal pattern. This opened the way towards 1.6000, 1.6170 then 1.6260. It is important to note that the market expressed bearish rejection off 1.6150 which resulted in an inverted hammer WEEKLY candlestick. That is why, bearish movement was expected to take place during this week provided that the bears remain defending the weekly high at 1.6150. However, lack of bearish momentum enhanced by the weakness of the USD allowed the bulls to step above 1.6200 (127.2% Fibo Expansion). Fibonacci expansion 127.2% is located at 1.6200 where Yesterday's daily closure is located. Stablilization above this level opens the way towards the next one around 1.6290-1.6300 where Fibonacci Expansion 141.4% is located.
EUR/USD intraday technical levels for October 03, 2013
Today EUR/USD has support and resistance at 1.3544 and 1.3634. The rate is accompanied by strong support at 1.3531 and by 1.3647 as strong resistance. If EUR/USD breaks out and closes below the 1.3523 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3655 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 1.3557 and at 1.3621, a SELL position. In this case both targets should be located at the level of 1.3589.
GBP/USD intraday technical levels and trading recommendations for October 3, 2013
The cable invalidated the reversal Head and Shoulders pattern maintaining quite strong bullish momentum to the upside. Daily closure above 1.5719 (the highest level in August) enhanced further bullish pressure to be applied, so that the bulls could step above 1.5760 (the highest level in June). The pair expressed a bearish Harami daily candlestick off 1.6150, which was followed by daily closure below 1.6035 which took place on Friday. However, the cable bounced from recent lows resuming the upside momentum, having climbed back above 1.6200 as the USD weakens during the previous trading days. Previous bullish swing targeted 100% Fibonacci Expansion level. However, the current bullish swing was strong enough to bypass this level when the pair stepped above 1.6035 recording a daily high at 1.6262 which is 70 pips higher than 127.2% Fibonacci Expansion Level. However, most of the daily gains was lost affected by ISM manufacturing PMI resulting in an inverted hammer daily candlestick on Tuesday then today the pair is expressing bearish engulfing candlestick which may enhance further bearish pressure on the pair. Price fixation above 1.6205 enables the bulls to reach 1.6285 very quickly (141.4% Fibo Expansion) where intraday resistance should be applied.
EUR/USD intraday technical levels for October 04, 2013
Today EUR/USD has support and resistance at 1.3577 and 1.3667. The rate is accompanied by strong support at 1.3564 and by 1.3680 as strong resistance. If EUR/USD breaks out and closes below 1.3556 today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above 1.3688, 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 1.3590 and at 1.3654, a SELL position. In this case both targets should be located at the level of 1.3622.
GBP/USD intraday technical levels and trading recommendations for October 4, 2013
Strong bullish sentiment was found in the support zone around 1.4830, which pushed the pair to the upside reaching 1.5400 then 1.5700 where two prominent tops were established. The uptrend line around 1.5430-1.5400 applied bullish pressure on the pair which was able to break trough 1.5720 which corresponds to August's highest level and the recently established top. The market expressed obvious closure above 1.5575 which invalidated the H&S reversal pattern. This opened the way towards 1.6000, 1.6170 then 1.6260. It is important to note that the market expressed bearish rejection off 1.6150 which resulted in an inverted hammer WEEKLY candlestick. That is why, bearish movement was expected to take place during this week provided that the bears remain defending the weekly high at 1.6150. However, lack of bearish momentum enhanced by the weakness of the USD allowed the bulls to step above 1.6200 (127.2% Fibo Expansion) for a short-time untill bearish domination came back into the market. Fibonacci expansion 100% is located at 1.6040 where today's recent low is located. Stablilization above this level opens the way back towards Fibonacci Expansion 127.2% around 1.6200. However, early breakdown of 1.6040 will enable the bears to initiate a bearish swing towards 1.5900 initially.
EUR/USD intraday technical levels for October 07, 2013
Today EUR/USD has support and resistance at 1.3523 and 1.3613. The rate is accompanied by strong support at 1.3510 and by 1.3626 as strong resistance. If EUR/USD breaks out and closes below the 1.3502 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3634 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 1.3536 and at 1.3600, a SELL position. In this case both targets should be located at the level of 1.3568.
GBP/USD weekly technical levels for October 7 - 11, 2013
If the trend is of an upside character, then the strength of the currency will be defined as following: GBP is in uptrend and USD is in downtrend. Fibonacci retracement is used to determine accurate psychological levels of support and resistance. The period of time should be taken into account. Fibonacci is in a range trade; it looks like the trend is trapping and going up or down. If you sell or buy for a long term in this period, you will surely lose your profit. Stop loss should never exceed your maximum exposure amounts. As a rule, the market is highly volatile if the last day had a huge volatility.
EUR/USD intraday technical levels for October 08, 2013
Today EUR/USD has support and resistance at 1.3535 and 1.3625. The rate is accompanied by strong support at 1.3522 and by 1.3638 as strong resistance. If EUR/USD breaks out and closes below 1.3514 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above 1.3646 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 1.3548 and at 1.3612, a SELL position. In this case both targets should be located at the level of 1.3500.
GBP/USD intraday technical levels and trading recommendations for October 8, 2013
The cable invalidated the previous reversal Head-and-Shoulders pattern maintaining quite strong bullish momentum to the upside. Daily closure above 1.5719 (the highest level in August) enhanced further bullish pressure to be applied, so that the bulls could step above 1.5760 (the highest level in June). The pair expressed a bearish Harami daily candlestick of 1.6150, which was followed by daily closure below 1.6035, which took place on Friday. However, the cable bounced from the recent lows resuming the upside momentum, having climbed back above 1.6200 as the USD weakened during the previous trading days. The previous bullish swing targeted 100% Fibonacci Expansion level. However, the current bullish swing was strong enough to bypass this level when the pair stepped above 1.6035 recording a daily high at 1.6262 which is 70 pips higher than 127.2% Fibonacci Expansion Level. However, most of the daily gains was lost affected by ISM manufacturing PMI resulting in an inverted hammer daily candlestick on Tuesday. On Thursday, the pair expressed bearish engulfing candlestick which enhanced further bearish pressure on the pair probably establishing a new bearish Head-and-Shoulders pattern to have its right shoulder located around 1.61650-1.6190, where a valid SELL entry may be taken with SL as daily closure above 1.6200. Price fixation above 1.6205 enables the bulls to reach 1.6285 very quickly (141.4% Fibo Expansion), where intraday resistance should be applied.
EUR/USD intraday technical levels for October 09, 2013
Today EUR/USD has support and resistance at 1.3568 and 1.3645. The rate is accompanied by strong support at 1.3542 and by 1.3658 as strong resistance. If EUR/USD breaks out and closes below the 1.3534 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3666 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 1.3568 and at 1.3632, a SELL position. In this case both targets should be located at the level of 1.3600.
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