Technical analysis on EU,GU and majors

[bhanu545]

GBP/USD intraday technical levels and trading recommendations for October 9, 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 the next day, the pair expressed bearish engulfing candlestick� which enhanced further bearish pressure on the pair untill another bullish pullback took place this week. A wider than expected trade deficit along with dismal UK industrial and manufacturing production data enhanced bearish pressure on the pair today to reach a daily low around 1.5950. The cable is probably establishing a bearish Head-and-Shoulders pattern with right shoulder located around 1.6120. That is why, a valid SELL entry is suggested after breakdown of the neck-line around 1.5950 to have an estimated target around 1.5720 with SL as daily closure above 1.6120. Price fixation above 1.5950 enables the bulls to reach 1.6285 again (141.4% Fibo Expansion), where intraday resistance should be applied.

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

 

[bhanu545]

GBP/USD intraday technical levels and trading recommendations for October 10, 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 the next day, the pair expressed bearish engulfing candlestick which enhanced further bearish pressure on the pair untill another bullish pullback took place this week.
A wider than expected trade deficit along with dismal UK industrial and manufacturing production data enhanced bearish pressure on the pair today to reach a daily low around 1.5950.
The cable is probably establishing a bearish Head-and-Shoulders pattern with right shoulder located around 1.6120. That is why, a valid SELL entry is suggested after breakdown of the neck-line around 1.5950 to have an estimated target around 1.5720 with SL as daily closure above 1.6120.
Price fixation above 1.5950 enables the bulls to reach 1.6285 again (141.4% Fibo Expansion), where intraday resistance should be applied.

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

 

[bhanu545]

EUR/USD intraday technical levels and trading recommendations for October 10, 2013

Price Zone of 1.3515-1.3560 represented a valuable Supply zone that kept the price below for almost two months. The pair was showing some bearish rejection manifested in the Daily candlesticks of the previous weeks as well as seen on October 1 bearish inverted hammer daily candlestick. However, lack of bearish follow-up was witnessed last week allowed the pair to spike to a new high around 1.3646.
Last week, significant bullish momentum was expressed after the emergence of the U.S. private sector employment report, which came weaker-than-expected due to investors' concern about the government to stop financing non-core services for a period of more than prescribed.
Bearish retracement movement was taking place after Price Zone of 1.3590-1.3600 managed to pause the ongoing bullish momentum, despite the witnessed recovery in the services sector in the Euro zone, released last week. That is why the market was expressing hesitation manifested in Tuesday's daily candlestick.
The price level of 1.3550 is the uplimit of the most recent congestion zone. That is why the price action should be watched as the breakdown of it will enable the pair to reach down to 1.3460 corresponding to the lower limit of the congestion zone.
Another probability that may happen, the pair returns to fixate above 1.3460, then it will probably push above 1.3600. then, there is another bullish swing towards 1.3660-1.3700 supported by the fundamental situation in USD.

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

 

[bhanu545]

EUR/USD intraday technical levels for October 11, 2013

Today EUR/USD has support and resistance at 1.3481 and 1.3571. The rate is accompanied by strong support at 1.3468 and by 1.3584 as strong resistance. If EUR/USD breaks out and closes below the 1.3460 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3592 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 1.3494 and at 1.3558, a SELL position. In this case both targets should be located at the level of 1.3526.

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

 

[bhanu545]

GBP/USD intraday technical levels and trading recommendations for October 11, 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 were lost affected by ISM manufacturing PMI resulting in an inverted hammer daily candlestick on Tuesday. On the next day, the pair expressed bearish engulfing candlestick which enhanced further bearish pressure on the pair until another bullish pullback took place this week. A wider than expected trade deficit along with dismal UK industrial and manufacturing production data enhanced bearish pressure on the pair this week to reach a WEEKLY low around 1.5918. The cable is probably establishing a bearish Head-and-Shoulders pattern with right shoulder located around 1.6120. That is why, a valid SELL entry is suggested after breakdown of the neck-line around 1.5950 to have an estimated target around 1.5720 with SL as daily closure above 1.6120. Price fixation above 1.5950 enables the bulls to reach 1.6285 again (141.4% Fibo Expansion), where intraday resistance should be applied.

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

 

[bhanu545]

EUR/USD intraday technical levels and trading recommendations for October 14, 2013

Price Zone of 1.3515-1.3560 represented a valuable Supply zone that kept the price below for almost two months. The pair was showing some bearish rejection manifested in the Daily candlesticks of the previous weeks as well as seen on October 10, a bearish engulfing daily candlestick. However, lack of bearish follow-up was witnessed around 1.3480 which allowed the pair to go higher again towards 1.3566. During the last two week, significant bullish momentum was expressed after the emergence of the U.S. private sector employment report, which came weaker-than-expected due to investors' concern about the government to stop financing non-core services for a longer period which allowed the pair to spike to a new high around 1.3646. Bearish movement was taking place after Price Zone of 1.3590-1.3600 managed to pause the ongoing bullish momentum, despite the witnessed recovery in the services sector in the Euro zone, released last week. That is why the market was expressing hesitation manifested in Thursday's daily candlestick. The price level of 1.3560 is the upper limit of the most recent congestion zone. That is why the price action should be watched now as persistence of the current breakdown and fixation below it will enable the pair to reach down to 1.3460 corresponding to the lower limit of the congestion zone. Another probability that may happen, the pair returns to fixate above 1.3560, then it will probably push above 1.3600. Then, there is another bullish swing towards 1.3660-1.3700 supported by the fundamental situation in EURO zone which showed high industrial production data more than expected in August to limit the concerns about growth prospects of economy in Euro zone.

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

 

[bhanu545]

GBP/USD intraday technical levels and trading recommendations for October 14, 2013

The cable invalidated the previous reversal Head-and-Shoulders pattern maintaining quite strong bullish momentum to the upside. Daily closure above 1.5720 (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 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 were lost affected by ISM manufacturing PMI resulting in an inverted hammer daily candlestick. On the next day, the pair expressed bearish engulfing candlestick which enhanced further bearish pressure on the pair until another bullish pullback took place last week. A wider than expected trade deficit along with dismal UK industrial and manufacturing production data enhanced bearish pressure on the pair last week to reach a WEEKLY low around 1.5918. The cable is probably establishing a bearish Head-and-Shoulders pattern with right shoulder located around 1.6120. That is why, a valid SELL entry is suggested after breakdown of the neck-line around 1.5950 to have an estimated target around 1.5720 with SL as daily closure above 1.6120. Price fixation above 1.5950 enables the bulls to reach 1.6035 the nearest SUPPLY level to meet the pair providing a valid sell entry with SL as daily closure above it. Breakthrough above 1.6035 which isn't expected will lead to another bullish swing towards 1.6285 again (141.4% Fibo Expansion), where intraday resistance should be applied.

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

 

[bhanu545]

EUR/USD intraday technical levels and trading recommendations for October 15, 2013

Price Zone of 1.3530-1.3560 represented a valuable Supply zone that kept the price below for almost two months. The pair was showing some bearish rejection manifested in the Daily candlesticks of the previous weeks as well as seen on October 10, a bearish engulfing daily candlestick. However, lack of bearish follow-up was witnessed around 1.3480, which allowed the pair to go higher again towards 1.3566. During the last two week, significant bullish momentum was expressed after the emergence of the U.S. private sector employment report, which came weaker-than-expected due to investors' concern about the government to stop financing non-core services for a longer period which allowed the pair to spike to a new high around 1.3646. Bearish movement was taking place after Price Zone of 1.3590-1.3600 managed to pause the ongoing bullish momentum, despite the witnessed recovery in the services sector in the Euro zone, released last week. That is why the market was expressing hesitation manifested in Thursday's daily candlestick. The price level of 1.3560 is the upper limit of the most recent congestion zone. That is why the price action should be watched now as persistence of the current breakdown and fixation below it will enable the pair to reach down to 1.3460 corresponding to the lower limit of the congestion zone, this was mentioned Yesterday and it's about to take place now. Price level of 1.3460 is a significant DEMAND level for the EUR/USD. That is why its breakdown will bring further bearish momentum into the market to push towards 1.3390 initially. Another probability that may happen, the pair returns to fixate above 1.3560, then it will probably push above 1.3600. Then, there is another bullish swing towards 1.3660-1.3700 supported by the fundamental situation in euro zone which showed high industrial production data more than expected in August enhancing growth prospects of economy in Euro zone.

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

 

[bhanu545]

GBP/USD intraday technical levels and trading recommendations for October 15, 2013

Daily closure above 1.5720 (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 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 were lost affected by ISM manufacturing PMI resulting in an inverted hammer daily candlestick. On the next day, the pair expressed bearish engulfing candlestick which enhanced further bearish pressure on the pair until another bullish pullback took place last week. A wider than expected trade deficit along with dismal UK industrial and manufacturing production data enhanced bearish pressure on the pair last week to reach a WEEKLY low around 1.5918. The cable is probably establishing a bearish Head-and-Shoulders pattern with right shoulder located around 1.6120. That is why, a valid SELL entry is suggested after breakdown of the neck-line around 1.5950 to have an estimated target around 1.5720 with SL as daily closure above 1.6120. Price fixation above 1.5950 enables the bulls to reach 1.6035 the nearest SUPPLY level to meet the pair providing a valid sell entry with SL as daily closure above it. Breakthrough above 1.6035 which isn't expected will lead to another bullish swing towards 1.6285 again (141.4% Fibo Expansion), where intraday resistance should be applied.

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

 

[bhanu545]

EUR/USD intraday technical levels for October 16, 2013

Today EUR/USD has support and resistance at 1.3477 and 1.3567. The rate is accompanied by strong support at 1.3464 and by 1.3580 as strong resistance. If EUR/USD breaks out and closes below the 1.3456 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3588 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 1.3490 and at 1.3554, a SELL position. In this case both targets should be placed at the level of 1.3522.

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

 

[bhanu545]

GBP/USD intraday technical levels and trading recommendations for October 16, 2013

Strong bullish sentiment was found at 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 through 1.5720, which corresponds to the August highest level and the recently established top. The market expressed obvious closure above 1.5575, which invalidated the previously mentioned 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 1.6150-1.6200, which resulted in an inverted hammer WEEKLY candlestick. That is why, a bearish movement was expected to take place during last 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 until bearish domination came back into the market. The pair probably established a Head-and-Shoulders reversal pattern, where the right shoulder is located around 1.6120, which is 50 pips lower than the expected levels of 1.6160-1.6175, thus providing a valid SELL entry on breakdown of 1.5950 ( neck-line) with SL located above 1.6130. Take care that the pair expressed bullish hammer daily candlesticks after visiting 1.5915 on Thursday indicating lack of bearish follow up at the current time. Failure to breakdown of 1.5950. Instead, fixation above the price level of 1.5950 opens the way back towards 1.6160-1.6175. However, the early breakdown of 1.5950 will enable the bears to initiate a bearish swing towards 1.5900, then 1.5800 probably.

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

 

[bhanu545]

EUR/USD intraday technical levels for October 17, 2013

Today EUR/USD has support and resistance at 1.3476 and 1.3566. The rate is accompanied by strong support at 1.3463 and by 1.3579 as strong resistance. If EUR/USD breaks out and closes below 1.3455 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above 1.3587 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 1.3489 and at 1.3553, a SELL position. In this case both targets should be located at the level of 1.3521.

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

 

[bhanu545]

GBP/USD: technical analysis for October 17, 2013

According to the previous events, the price has still been trapped between 1.6000 and 1.6075. The level of 1.6000 will indicate strong support. Moreover, the price will form a double bottom at the level of 1.6000. Therefore, it will be wise to buy at 1.6 with the first target at 1.6082 (the weekly resistance 1), then it will continue towards 1.6122. The stop loss should be placed below 1.5970. It should be noted that the level of 1.6225 will form a strong resistance for October 17 - 18, 2013, hence it is recommended to take profit below this level (1.6222).

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

 

[bhanu545]

EUR/USD intraday technical levels for October 18, 2013

Today EUR/USD has support and resistance at 1.3623 and 1.3715. The rate is accompanied by strong support at 1.3610 and by 1.3728 as strong resistance. If EUR/USD breaks out and closes below 1.3601 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above 1.3737 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 1.3636 and at 1.3702, a SELL position. In this case both targets should be located at the level of 1.3669.

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

 

[bhanu545]

GBP/USD intraday technical levels and trading recommendations for October 18, 2013

Strong bullish sentiment was found at 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 managed to break through 1.5720, thus matching the August highest level and the recently established top. The market expressed obvious closure above 1.5575 which invalidated the previously mentioned 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 1.6150-1.6200 which resulted in an inverted hammer weekly candlestick. That is why a bearish movement was expected to take place during the last week provided that the bears continue defending the weekly high at 1.6150. However, the lack of bearish momentum enhanced by the weakness of USD allowed the bulls to step above 1.6200 (127.2% Fibo Expansion) for a short time until bearish domination came back into the market. There was a failure to break down the level of 1.5950. Instead, the fixation above the price level of 1.5950 opened the way back towards 1.6175-1.6200 corresponding to the depicted Fibonacci Expansion level. The pair probably established a Head-and-Shoulders reversal pattern, where the right shoulder is located around 1.6180-1.6200, thus providing a valid sell entry either on retesting or after the breakdown of 1.5950 ( neck-line) with SL located above 1.6250.

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

 

[bhanu545]

EUR/USD intraday technical levels and trading recommendations for October 21, 2013

The price zone of 1.3560-1.3600 represented a valuable supply zone that kept the price below for almost two months. The pair was showing some bearish rejection manifested in the daily candlesticks as seen on October 10, a bearish engulfing daily candlestick. However, lack of bearish follow-up was witnessed around 1.3480. Instead, a signficant bullish rejection was expressed leading to a Flag continuation pattern. According to the final readings of the European Statistical Office on Wednesday, European inflation hits 1.1% in September, according to preliminary projections it is settled at 1.3% in August. This constituted to the recent bullish jump that took place on Thursday. The price level of 1.3560 is the upper limit of the most recent congestion zone. That is why the price action should be watched now as persistence of the current breakthrough and fixation above it enabled the pair to reach 1.3700 corresponding to an established high in Jan 2013. After hiting 1.3700 at the end of last week, investors are waiting for Today's US releases in order to define a clearer trend in the pair. However, the situation remains nearer to profit taking towards 1.3620-1.3600 initially. The projection target of the depicted Flag pattern is roughly located around 1.3800. However, technically the pair may need some time to achieve such a target having important levels on its way.

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

 

[bhanu545]

GBP/USD intraday technical levels and trading recommendations for October 21, 2013

Strong bullish sentiment was found at 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 managed to break through 1.5720, thus matching the August highest level and the recently established top. The market expressed obvious closure above 1.5575 which invalidated the previously mentioned 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 1.6150-1.6200 which resulted in an inverted hammer weekly candlestick. That is why a bearish movement was expected to take place during the last week provided that the bears continue defending the weekly high at 1.6150. However, the lack of bearish momentum enhanced by the weakness of USD allowed the bulls to step above 1.6200 (127.2% Fibo Expansion) for a short time until bearish domination came back into the market. There was a failure to break down the level of 1.5950. Instead, the fixation above the price level of 1.5950 opened the way back towards 1.6175-1.6200 corresponding to the depicted Fibonacci Expansion level. The pair probably established a Head-and-Shoulders reversal pattern, where the right shoulder is located around 1.6180-1.6200, thus providing a valid sell entry either on retesting or after the breakdown of 1.5950 (neck-line) with SL located above 1.6250.

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

 

[bhanu545]

EUR/USD intraday technical levels for October 22, 2013

Today EUR/USD has support and resistance at 1.3627 and 1.3719. The rate is accompanied by strong support at 1.3614 and by 1.3732 as strong resistance. If EUR/USD breaks out and closes below 1.3605 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above 1.3741 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 1.3640 and at 1.3706, a SELL position. In this case both targets should be located at the level of 1.3673.

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

 

[bhanu545]

GBP/USD intraday technical levels and trading recommendations for October 22, 2013

Strong bullish sentiment was found at 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 managed to break through 1.5720, thus matching the August highest level and the recently established top. The market expressed obvious closure above 1.5575 which invalidated the previously mentioned 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 1.6150-1.6200 which resulted in an inverted hammer weekly candlestick. That is why a bearish movement was expected to take place during the last week provided that the bears continue defending the weekly high at 1.6150. However, the lack of bearish momentum enhanced by the weakness of USD allowed the bulls to step above 1.6200 (127.2% Fibo Expansion) for a short time until bearish domination came back into the market. There was a failure to break down the level of 1.5950. Instead, the fixation above the price level of 1.5950 opened the way back towards 1.6200 again corresponding to the depicted Fibonacci Expansion level. The pair probably established a Head-and-Shoulders reversal pattern, where the right shoulder is located around 1.6180-1.6200, thus providing a valid sell entry either on retesting or after the breakdown of 1.5950 (neck-line) with SL located above 1.6250. Daily closure above 1.6200 will enable the pair to achieve higher bullish targets around 1.6280 ( 141.4% Fibo Expansion ) initially.

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

 

[bhanu545]

EUR/USD intraday technical levels for October 23, 2013

Today EUR/USD has support and resistance at 1.3733 and 1.3825. The rate is accompanied by strong support at 1.3720 and by 1.3838 as strong resistance. If EUR/USD breaks out and closes below 1.3711 today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above 1.3847, 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 1.3746 and at 1.3812, a SELL position. In this case both targets should be located at the level of 1.3779.

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