Technical analysis on EU,GU and majors

[bhanu545]

EUR/USD intraday technical levels for November 6, 2013

Today EUR/USD has support and resistance at 1.3425 and 1.3515. The rate is accompanied by strong support at 1.3412 and by 1.3528 as strong resistance. If EUR/USD breaks out and closes below 1.3404 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above 1.3536 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 1.3438 and at 1.3502, a SELL position. In this case both targets should be located at the level of 1.3470.

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

 

[bhanu545]

GBP/USD intraday technical levels and trading recommendations for November 6, 2013

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 resulting in an Inverted Hammer daily candlestick during the 1st week in October. Price fixing above 1.5950 enabled the bulls to reach 1.6035, the nearest supply level followed by the retesting of 127.2% Fibonacci Expansion around 1.6220. On October 23, the GBP/USD pair broke initially the 1.6200 handle touching the area as of 1.6250. However, signs of bullish failure are obvious on the chart. The cable is establishing a bearish Head-and-Shoulders pattern with right shoulder located around 1.6200. That is why, a valid sell entry was suggested at 1.6200 or after breakdown of the neck-line around 1.6000 - 1.5950 (for conservative traders) to have an estimated target around 1.5720 with SL as daily closure above 1.6250. The current bearish momentum needs to fixate below demand zone around 1.6040-1.6020 in order to pursue further bearish targets around 1.5720. Fundamentally, Sterling Pound traded near its lowest level in two months against the euro in trading on Wednesday; reflecting concerns about growth and maintaining strong British economy during the past few months then today Sterling rose against the U.S. dollar after a survey showed that the service sector has shown an economic growth. Failure to breakdown 1.5900 level was observed on Monday. Instead, bullish rejection lead to another bullish swing towards 1.6040-1.6060 again (Retesting of the most recent supply zone). A breakthrough above 1.6075, which is not likely to continue, will lead to another bullish swing towards 1.6190 again (127.2% 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 November 7, 2013

Today EUR/USD has support and resistance at 1.3463 and 1.3553. The rate is accompanied by strong support at 1.3450 and by 1.3566 as strong resistance. If EUR/USD breaks out and closes below 1.3442 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above 1.3574 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 1.3476 and at 1.3540, a SELL position. In this case both targets should be located at the level of 1.3508.

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

 

[bhanu545]

GBP/USD intraday technical levels and trading recommendations for November 7, 2013

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 resulting in an Inverted Hammer daily candlestick during the 1st week in October. Price fixing above 1.5950 enabled the bulls to reach 1.6035, the nearest supply level followed by the retesting of 127.2% Fibonacci Expansion around 1.6220. On October 23, the GBP/USD pair broke initially the 1.6200 handle touching the area as of 1.6250. However, signs of bullish failure are obvious on the chart. The cable established a double top reversal pattern around 1.6200-1.6250. That is why, a valid sell entry was suggested at 1.6200 or after breakdown of the neck-line around 1.6000 - 1.5950 (for conservative traders) to have an estimated target around 1.5720 with SL as daily closure above 1.6250. The current bearish momentum needs to fixate below demand zone around 1.6040-1.6020 in order to pursue further bearish targets around 1.5720. Fundamentally, Sterling Pound traded near its lowest level in two months against the euro in trading on last week's Wednesday; reflecting concerns about growth and maintaining strong British economy during the past few months then today Sterling rose against the U.S. dollar after a survey showed that the service sector has shown an economic growth. Failure to breakdown 1.5900 level was observed on Monday. Instead, bullish rejection lead to another bullish swing towards 1.6040-1.6060 again (Retesting of the most recent supply zone). A breakthrough above 1.6075, which is taking place now, will led to another bullish swing towards 1.6190 again (127.2% 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 November 8, 2013

Today we predict the EUR/USD price action to move in a small range after the London Market opens, and to be it normal again after the US-Non Farm Payrolls and the US-Unemployment Rate data release. Please remember to close any open positions or tight your stop loss during one hour before both news and you can start open positions again one hour after both that news release, because the price action will be normal again one hour later the data released.
TODAY's TECHNICAL LEVELS:
Breakout BUY level: 1.3475.
Strong Resistance:1.3467.
Original Resistance: 1.3454.
Inner Sell Area: 1.3441.
Target Inner Area: 1.3409.
Inner Buy Area: 1.3377.
Original Support: 1.3364.
Strong Support: 1.3351.
Breakout SELL level: 1.3343.
DESCRIPTION:
Today EUR/USD has support and resistance at 1.3364 and 1.3454. The rate is accompanied by strong support at 1.3351 and by 1.3467 as strong resistance. If EUR/USD breaks out and closes below 1.3343 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above 1.3475 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 1.3377 and at 1.3441, a SELL position. In this case both targets should be located at the level of 1.3409.

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

 

[bhanu545]

GBP/USD technical analysis for November 8, 2013

Overview:
GBP/USD: According to the previous events, the price has been trapped between 1.6050 and 1.6090; hence, it is of the wisdom to be careful in this area. Therefore, the first step is to wait for a period of a tight sideways range market before breakouts. Then, it is probable that the market is going to start showing the bullish signs. In other words, it will be a good sign to buy above 1.5980 with the first target of 1.6060 and it will climb towards 1.6110. However, if the pair fails to break 1.6120, the market will indicate a bearish opportunity below 1.6120, then the level will act really as strong resistance; that it will be a good sign to sell below 1.6120 with the first target of 1.6055 and it will call for downtrend in order to continue bearish move towards 1.5979 (23.6% Fibonacci retracement levels), the level of 1.5944 will form a double bottom.
Forecast:
Buy above 1.5980 with the first target of 1.6060, it might resume to 1.6120.
Stop loss should be set below 1.5935.
Below 1.6120 (1.6145: 78.6% of Fibonacci retracement levels) look for further downside with targets at 1.6014 in order to test the weekly pivot point and 1.5950.
Stop loss should be set above 1.6153.

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

 

[bhanu545]

EUR/USD intraday technical levels and trading recommendations for November 11, 2013

The price zone of 1.3560-1.3600 represented a valuable supply zone that kept the price below for almost two months. However, lack of bearish follow-up was witnessed around 1.3480. Instead, a significant bullish rejection was expressed leading to a Flag continuation pattern.
According to the final readings of the European Statistical Office on Wednesday, the European inflation was 1.1% in September, in line with preliminary projections, it settled at 1.3% in August. This constituted to the recent bullish jump that took place on October 22. Previous daily candlesticks represented indecision around 1.3800 strongly suggesting bearish retracement towards 1.3700 the 1.3650 which took place shortly after.
The price zone extending between 1.3550-1.3460 is now considered a valuable supply zone. This zone failed to provide a strong support. Instead, bearish breakdown took place last week with a quite strong momentum leading to breakdown of 1.3400 as well.
Persistence of the current breakdown below 1.3400-1.3450 will lead to the next support level around 1.3230 where price action should be watched. Otherwise, bullish reversal may take place to visit again 1.3460.

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

 

[bhanu545]

GBP/USD intraday technical levels and trading recommendations for November 11, 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.
Bullish pressure was applied off 1.5430-1.5400 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 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.
On October 25, there was confirmation of the bearish momentum located around 1.6200 resulting in a shooting star daily candlestick pushing more bearish steam into the market. The pair established a double-top reversal pattern around 1.6180-1.6200 which provided a valid sell entry on retesting or after the breakdown of 1.6100 (neck-line) with SL located above 1.6250.
The pair needed to breakdown the support level located around 1.6040 (100% Fibo Expansion) which took place last Friday, while now the pair needs to remain fixating below it in order to resume the ongoing movement heading for lower targets around 1.5900 then 1.5820.
On the other hand, daily fixation above 1.6040 will enable the pair to express bullish movement towards 1.6100-1.6150 initially.

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

 

[bhanu545]

EUR/USD intraday technical levels and trading recommendations for November 12, 2013

The price zone of 1.3560-1.3600 represented a valuable supply zone that kept the price below for almost two months. However, lack of bearish follow-up was witnessed around 1.3480. Instead, a significant bullish rejection was expressed leading to a Flag continuation pattern.
According to the final readings of the European Statistical Office one week ago, the European inflation was 1.1% in September, in line with preliminary projections, it settled at 1.3% in August. This constituted to the recent bullish jump that took place on October 22.
Previous daily candlesticks represented indecision around 1.3800 strongly suggesting bearish retracement towards 1.3700 the 1.3650 which took place shortly after.
The price zone extending between 1.3550-1.3460 is now considered a valuable supply zone. This zone failed to provide a strong support. Instead, bearish breakdown took place last week with a quite strong momentum leading to breakdown of 1.3400 as well.
Persistence of the current breakdown below 1.3400-1.3450 will lead to the next support level around 1.3230 where price action should be watched. Otherwise, bullish reversal may take place to visit again 1.3460.

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

 

[bhanu545]

GBP/USD intraday technical levels and trading recommendations for November 12, 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.
Bullish pressure was applied off 1.5430-1.5400 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 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.
On October 25, there was confirmation of the bearish momentum located around 1.6200 resulting in a shooting star daily candlestick pushing more bearish steam into the market.
The pair established a double-top reversal pattern around 1.6180-1.6200 which provided a valid sell entry on retesting or after the breakdown of 1.6100 (neck-line) with SL located above 1.6250.
The pair needed to breakdown the support level located around 1.6040 (100% Fibo Expansion) which took place last Friday, while now the pair needs to remain fixating below 1.5900 in order to resume the ongoing movement heading for lower targets around 1.5820 then 1.5750.
On the other hand, daily fixation above 1.5900 and 1.6040 will enable the pair to express bullish movement towards 1.6100-1.6150 initially.

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

 

[bhanu545]

EUR/USD intraday technical levels for November 13, 2013

A few hours after the London Session is opened, in the Euro Zone data on the Industrial Production m/m will be released and a few hour before the US Market opens German Buba President Weidmann speaks; and there will be no news from the US market, so for today we predict the EUR/USD price action will move in a moderate way.
TODAY's TECHNICAL LEVELS:
Breakout BUY Level: 1.3501.
Strong Resistance:1.3493.
Original Resistance: 1.3480.
Inner Sell Area: 1.3467.
Target Inner Area: 1.3435.
Inner Buy Area: 1.3403.
Original Support: 1.3390.
Strong Support: 1.3377.
Breakout SELL Level: 1.3369.
DESCRIPTION:
Today EUR/USD has support and resistance at 1.3390 and 1.3480. The rate is accompanied by strong support at 1.3377 and by 1.3493 as strong resistance.
If EUR/USD breaks out and closes below 1.3369 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above 1.3501 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 1.3403 and at 1.3467, a SELL position. In this case both targets should be located at the level of 1.3435.

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

 

[bhanu545]

GBP/USD: technical analysis for November 13, 2013

GBP/USD: The resistance has already been set at the level of 1.6012 as well as the support has been set at 1.58008 for November 13 - 15, 2013. Therefore, according to the previous events, the price has still been trapped between 1.5940 and 1.5860, then it should be noted that the range today will be around 105 pips. Consequently, the trend in the 1H time frame is calling for a bearish market at the level of 1.6000. Hence, below 1.6012 look for further downside move with targets at 1.5900, if it can break the support for today (1.5900), so the price will continue towards 1.5803 today.
On the other hand, buy above 1.5800 for a short term with the first target at 1.5840; it might resume to 1.5954 tomorrow in order to test the Fibonacci retracement levels at 23.6%.
Intraday technical levels:
Date & Time: 13/11/2013 03:01
Pair: GBP/USD
R3: 1.6116 R2: 1.6054 R1: 1.5978 PP: 1.5916 S1: 1.5840 S2: 1.5778 S3: 1.5702

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

 

[bhanu545]

EUR/USD intraday technical levels for November 14, 2013

At the European session, there will be released some data from the euro zone such as French Prelim GDP q/q; German Prelim GDP q/q; French Prelim Non-Farm Payrolls q/q; French CPI m/m; ECB Monthly Bulletin; Italian Prelim GDP q/q; and the Eurozone Flash GDP q/q; the Eurogroup's Meeting. At the US Market session, there will be released the US Trade Balance; and the US Unemployment Claims data; and please pay attention to the Fed Chairperson-Designate Yellen Statement.
TODAY's TECHNICAL LEVELS:
Breakout BUY level: 1.3549.
Strong Resistance:1.3541.
Original Resistance: 1.3528.
Inner Sell Area: 1.3515.
Target Inner Area: 1.3483.
Inner Buy Area: 1.3451.
Original Support: 1.3438.
Strong Support: 1.3425.
Breakout SELL level: 1.3417.
DESCRIPTION: Today EUR/USD has support and resistance at 1.3438 and 1.3528. The rate is accompanied by strong support at 1.3425 and by 1.3541 as strong resistance. If EUR/USD breaks out and closes below 1.3417 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above 1.3549 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 1.3451 and at 1.3515, a SELL position. In this case both targets should be located at the level of 1.3483.

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

 

[bhanu545]

GBPUSD: daily analysis for November 14, 2013

Daily chart: The GBPUSD made a bullish rebound on the support at the 1.5883 level and now this pair is trying to break the resistance level at 1.6046. Near the level of 1.5883, the pair formed a fractal, which could give strength to the current bullish trend of this pair. If this pair manages to break the resistance level of 1.6046, it is expected to rise to the level of 1.6146. The MACD indicator is entering neutral territory.

H4 chart: As in the daily chart, the pair made a bullish rebound below the 200-day moving average and now, GBPUSD is consolidating above the 200-day moving average and the bearish trend line, near the level of 1.6040. It is very likely that this pair rises to the resistance level of 1.6117. However, if this pair breaks the support at the level of 1.6004, it is expected to drop to the level of 1.5903. The MACD indicator remains in positive territory.

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.6075, take profit is at 1.6117, and stop loss is at 1.6031.

Performed by Felipe Erazo, Analytical expert
InstaForex Group © 2007-2013

 

[bhanu545]

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

The price zone of 1.3560-1.3600 represented a valuable supply zone that kept the price below for almost two months. However, lack of bearish follow-up was witnessed around 1.3480. Instead, a significant bullish rejection was expressed leading to a Flag continuation pattern.
According to the final readings of the European Statistical Office one week ago, the European inflation was 1.1% in September, in line with preliminary projections, it settled at 1.3% in August. This constituted to the recent bullish jump that took place on October 22.
Previous daily candlesticks represented indecision around 1.3800 strongly suggesting bearish retracement towards 1.3700 the 1.3650 which took place shortly after.
The price zone extending between 1.3550-1.3460 is now considered a valuable supply zone. This zone failed to provide a strong support. Instead, bearish breakdown took place last week with a quite strong momentum leading to breakdown of 1.3400 as well.
Persistence of the current breakdown below 1.3400-1.3450 will lead to the next support level around 1.3230 where price action should be watched. Otherwise, bullish reversal may take place to visit again the upper limit of the SUPPLY zone around 1.3555 then possibly 1.3625.

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

 

[bhanu545]

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

The previous bullish swing targeted 100% Fibonacci Expansion level. However, the 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 bullish gains were lost resulting in an Inverted Hammer daily candlestick during the 1st week in October.
Price fixing above 1.5950 enabled the bulls to reach 1.6035, the nearest supply level followed by the retesting of 127.2% Fibonacci Expansion around 1.6220.
On October 23, the GBP/USD pair broke initially the 1.6200 handle touching the area as of 1.6250. However, signs of bullish failure are obvious on the chart.
The cable established a double top reversal pattern around 1.6200-1.6250. That is why, a valid sell entry was suggested at 1.6200 or after breakdown of the neck-line around 1.6000 - 1.5950 (for conservative traders) to have an estimated target around 1.5720 with SL as daily closure above 1.6250. Failure to break down the 1.5900 level was observed on Monday. Instead, bullish rejection led to another bullish swing towards 1.6040-1.6060 again (Retesting of the most recent supply zone).
The current movement needs to fixate below Supply Zone around 1.6000-1.6040 in order to pursue further bearish targets around 1.5720, especially after the bullish engulfing daily candlestick is being formed which threatens our SELL position.
On the other hand, a breakthrough below 1.5900 will lead to another bearish swing towards 1.5750-1.5730 where intraday support should be applied. However, failure to do so will enable the pair to reverse towards 1.6200 again if the bulls remain defending 1.6040-1.6000 zone as a support for them.

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

 

[bhanu545]

EUR/USD intraday technical levels and trading recommendations for November 18, 2013

The price zone of 1.3560-1.3600 represented a valuable supply zone that kept the price below for almost two months. However, lack of bearish follow-up was witnessed around 1.3480. Instead, a significant bullish rejection was expressed leading to a Flag continuation pattern.
According to the final readings of the European Statistical Office one week ago, the European inflation was 1.1% in September, in line with preliminary projections, it settled at 1.3% in August. This constituted to the recent bullish jump that took place on October 22.
Previous daily candlesticks represented indecision around 1.3800 strongly suggesting bearish retracement towards 1.3700 the 1.3650 which took place shortly after.
The price zone extending between 1.3550-1.3460 was considered a valuable supply zone. This zone failed to provide a strong support. Instead, bearish breakdown took place with a quite strong momentum leading to breakdown of 1.3400 as well.
Price Zone 1.3300-1.3330 provided strong DEMAND for the pair pushing towards higher above 1.3400 - 1.450 (prominent technical levels)
Persistence of the current through above 1.3450 will lead to the next supply level around 1.3560-1.3600 where price action should be watched.

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

 

[bhanu545]

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

The previous bullish swing targeted 100% Fibonacci Expansion level. However, the 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 bullish gains were lost resulting in an Inverted Hammer daily candlestick during the 1st week in October.
Price fixing above 1.5950 enabled the bulls to reach 1.6035, the nearest supply level followed by the retesting of 127.2% Fibonacci Expansion around 1.6220.
On October 23, the GBP/USD pair broke initially the 1.6200 handle touching the area as of 1.6250. However, signs of bullish failure are obvious on the chart.
The cable established a double top reversal pattern around 1.6200-1.6250. That is why, a valid sell entry was suggested at 1.6200 or after breakdown of the neck-line around 1.6000 - 1.5950 (for conservative traders) to have an estimated target around 1.5720 with SL as daily closure above 1.6250.
Failure to break down the 1.5900 level was observed on Monday. Instead, bullish rejection led to another bullish swing towards 1.6040-1.6060 again (Retesting of the most recent supply zone).
The current movement needs to fixate below Supply Zone around 1.6000-1.6040 in order to pursue further bearish targets around 1.5720, especially after the bullish engulfing daily candlestick is being formed which stopped our SELL position.
On the other hand, a breakthrough below 1.5900 will lead to another bearish swing towards 1.5750-1.5730 where intraday support should be applied. However, failure to do so will enable the pair to reverse towards 1.6200 again if the bulls remain defending 1.6040-1.6000 zone as a support for them.

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

 

[bhanu545]

EUR/USD intraday technical levels for November 19, 2013

During the European trading session, some news will be released. It is the German ZEW Economic Sentiment, and ZEW Economic Sentiment; and in the US market session there will be the US Employment Cost Index q/q released, which does not affect the market significantly.
TODAY's TECHNICAL LEVELS:
Breakout BUY level: 1.3574.
Strong Resistance:1.3566.
Original Resistance: 1.3553.
Inner Sell Area: 1.3540.
Target Inner Area: 1.3508.
Inner Buy Area: 1.3476.
Original Support: 1.3463.
Strong Support: 1.3450.
Breakout SELL level: 1.3442.
DESCRIPTION:
Today EUR/USD has support and resistance at 1.3463 and 1.3553. The rate is accompanied by strong support at 1.3450 and by 1.3566 as strong resistance.
If EUR/USD breaks out and closes below 1.3442 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above 1.3574 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 1.3476 and at 1.3540, a SELL position. In this case both targets should be located at the level of 1.3508.

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

 

[bhanu545]

GBPUSD: daily analysis for November 19, 2013

Daily chart: GBPUSD had no significant changes during the yesterday's session, and it is still trying to break the resistance level at 1.6146. If the pair manages to break that level, it is expected to rise to the level of 1.6235, which would strengthen the bullish trend. On the other hand, if this pair makes a bearish rebound at the current levels, it would be expected to fall to the level of 1.6046. The MACD indicator remains in positive territory.

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.6117, take profit is at 1.6170, and stop loss is at 1.6063.

Performed by Felipe Erazo, Analytical expert
InstaForex Group © 2007-2013