Technical analysis on EU,GU and majors

[bhanu545]

EUR/USD intraday technical levels for November 20, 2013

When the European market opens, data from German (PPI m/m) will be released, but when the US session starts, there will be some important news like US Core CPI m/m; US Core Retail Sales m/m; US Retail Sales m/m; and US Existing Home Sales, and some not very significant news like US Business Inventories m/m and US Crude Oil Inventories. We predict when the London market opens, the price of this currency pair will move with low to moderate pace, but when the US market opens, the pair will start moving with moderate to high volatility.
TODAY's TECHNICAL LEVELS:
Breakout BUY level: 1.3623.
Strong Resistance:1.3615.
Original Resistance: 1.3602.
Inner Sell Area: 1.3589.
Target Inner Area: 1.3557.
Inner Buy Area: 1.3525.
Original Support: 1.3512.
Strong Support: 1.3499.
Breakout SELL level: 1.3491.
DESCRIPTION:
Today EUR/USD has support and resistance at 1.3512 and 1.3602. The rate is accompanied by strong support at 1.3499 and by 1.3615 as strong resistance.
If EUR/USD breaks out and closes below 1.3491 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above 1.3623 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 1.3525 and at 1.3589, a SELL position. In this case both targets should be located at the level of 1.3557.

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

 

[bhanu545]

GBP/USD intraday technical levels and trading recommendations for November 20, 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 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 with its neck-line located at 1.5900.
The pair needed to breakdown the support level located around 1.6040 (100% Fibo Expansion) which took place last Friday. However, bullish rejection was manifested around 1.5860 failing to complete the projected targets. Instead, the bulls are pushing today towards 1.6200 trying to test the recent high around 1.6250.
Daily fixation above 1.6040 will enable the pair to express bullish movement towards 1.6200-1.6250 initially which is the upper limit of the current congestion zone. A SELL entry can be taken there upon watching proper bearish price action. SL should be set as daily closure above 1.6220.

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

 

[bhanu545]

EUR/USD intraday technical levels for November 21, 2013

After the European market open, there is some news to be released like French Flash Manufacturing PMI; German Flash Manufacturing PMI;Flash Manufacturing PMI; Flash Services PMI. The Consumer Confidence Index is on tap and will be released during the US trading hours. Within the US market session, some news will be released: US - PPI m/m; US - Unemployment Claims; US - Flash Manufacturing PMI; US Natural Gas Storage; and the US - Philly Fed Manufacturing Index . So we predict the price action to move under moderate volatility for the whole day today.
TODAY's TECHNICAL LEVELS:
Breakout BUY level: 1.3490.
Strong Resistance:1.3482.
Original Resistance: 1.3469.
Inner Sell Area: 1.3456.
Target Inner Area: 1.3424.
Inner Buy Area: 1.3392.
Original Support: 1.3379.
Strong Support: 1.3366.
Breakout SELL level: 1.3358.
DESCRIPTION:
Today EUR/USD has support and resistance at 1.3379 and 1.3469. The rate is accompanied by strong support at 1.3366 and by 1.3482 as strong resistance.
If EUR/USD breaks out and closes below 1.3358 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above 1.3490 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 1.3392 and at 1.3456, a SELL position. In this case both targets should be located at the level of 1.3424.

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

 

[bhanu545]

GBPUSD: daily analysis for November 21, 2013

Daily chart: GBPUSD continued to form a bullish pattern above support at the 1.6046 level. These recent movements of GBPUSD give us assumption that there is much indecision in the immediate trend of this pair, so we must be vigilant against any breakout from these levels (1.6146 and 1.6046) . For now, we recommend caution and not place orders in this range. 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 1.6064.

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

 

[bhanu545]

EUR/USD technical analysis for November 22, 2013

Overview: The EUR/USD's resistance was broken and it turned to support since yesterday; thus, the pair has already formed strong support at 1.3420 (at this level, the weekly support 1 will be formed) and a minor support will be set at the level of 1.3467. Moreover, it could not close below 1.3441 (23.6% Fibonacci retracements levels) and started indicating a bullish market, as well as the price placed above 23.6% Fibonacci for five days. Additionally, it should also be noted that the price has still been trapped between 61.8% Fibonacci retracement levels and 38.2%.
Equally important, the RSI and the moving average (50) are still calling for uptrend. Therefore, the market indicates a bullish opportunity at the level of 1.3503 in H1 or H4 chart with the first target of 1.3600, and continues towards 1.3630. On the other hand, if the price closes below the minor support then the best location for placing a stop loss should be below 1.3415; thus, the price will fall into the bearish market in order to go further towards the strong support at 1.3420 to test it again. Furthermore, it should be noted that the level of 1.3400 is going to form a double bottom.
However, the resistance for November 22, 2013 will be set at the level of 1.3633. So, it will be wise to sell at this level with the first target at the weekly pivot point 1.3455, and it will continue towards 1.3443.

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

 

[bhanu545]

GBPUSD: daily analysis for November 22, 2013

Daily chart: Finally, this pair managed to break the resistance level at 1.6146. Now, GBPUSD is trying to consolidate above this level and is very likely to start forming a lower high pattern and make corrective movements. If this pair manages to break the resistance level at 1.6235, it is expected to rise to the level of 1.6326. 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 1.6216, take profit is at 1.6252, and stop loss is at 1.6179.
Performed by Felipe Erazo, Analytical expert
InstaForex Group © 2007-2013

 

[bhanu545]

EUR/USD intraday technical levels and trading recommendations for November 25, 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 disclosed one week ago, the European inflation was at 1.1% in September, in line with preliminary projections, while 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 and then 1.3650 which took place shortly after.
The price zone extending between 1.3550-1.3460 was considered as 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 it higher above 1.3400 - 1.3450 (prominent technical levels) Persistence of the current movement to get above the 1.3450 level, allowed the pair to reach the next supply level around 1.3560-1.3600 where the price action should be watched.
Based on the market analysis, there is a valid sell entry around 1.3560-1.3600 with SL located above 1.3660. However, today's daily closure should be watched as a daily closure above 1.3580 opens the way for further bullish targets around 1.3650, and then 1.3700.

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

 

[bhanu545]

GBP/USD intraday technical levels and trading recommendations for November 25, 2013

Strong bullish sentiment was found at the support zone around 1.4830, which pushed the pair to the upside to hit 1.5400, and then 1.5700, where two prominent tops were established.
Bullish pressure was applied to the area of 1.5430-1.5400 which managed to break through 1.5720, thus matching the August highest level and the recently established top.
The market showed an obvious closure above 1.5575 which opened the way towards 1.6000, 1.6170, and then 1.6260. It is important to note that the market expressed bearish rejection from 1.6150-1.6200 which resulted in an Inverted Hammer weekly candlestick.
That is why a bearish movement was expected 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.
The pair established a Double Top reversal pattern around 1.6180-1.6200 which provided a valid sell entry, its neckline is located around 1.5900.
The pair had to break down the support level located around 1.6040 (100% Fibo Expansion). However, a bullish rejection was manifested around 1.5860 failing to complete the projected targets. Instead, the bulls are pushing today towards 1.6200 trying to test the recent high around 1.6250.
Daily fixation above 1.6200 will enable the pair to express bullish movement towards 1.6290 initially where 141.2% Fibo Expansion is located.
A sell entry can be taken there upon watching proper bearish price action. SL should be set as daily closure above 1.6300.

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

 

[bhanu545]

GBP/USD intraday technical levels and trading recommendations for November 26, 2013

The previous bullish swing targeted 127% Fibonacci Expansion level when the bulls stepped above 1.6035 recording a daily high at 1.6262, which is 70 pips higher than 127.2% Fibonacci Expansion level.
On October 23, the GBP/USD pair broke initially the 1.6200 handle hitting the area of 1.6250. However, most of the bullish gains were lost when the pair established a double top reversal pattern around 1.6200-1.6250. That is why a valid sell entry was suggested at 1.6200 which went in our direction towards the neckline around 1.5900.
Failure to break down the 1.5900 level was observed last week. Instead, bullish rejection led to another bullish swing towards 1.6040-1.6060 again which was bypassed so far.
The current movement as long as fixation above the Demand Zone around 1.6000-1.6040 is the targeting 1.5720 where 127.2% Fibonacci Expansion Level is located.
The performance of the U.S. dollar during Thursday's consolidation has been variable; as the bulls were applying bullish pressure based on their hopes regarding the results of the meeting of the Federal Open Market and the U.S. retail sales which were announced later on the day.
On Friday, the bulls broke above 1.5720 expressing daily closure at 1.6220. However, the previous daily candlestick was a Hanging Man indicating a possible bearish retracement off the current levels towards 1.6040-1.6000.
Price zone 1.6200-1.6230 remains a significant supply for a possible bearish entry with SL located above 1.6250.

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

 

[bhanu545]

EUR/USD technical analysis for November 26, 2013

Overview: The EURUSD pair's support was broken and it was turned to resistance for a month. Therefore, the pair has already formed a strong resistance at 1.362. Moreover, after it could not close above 127.2% Fibonacci retracements levels and start signing for bearish market the price has placed below 127.2% Fibonacci since November 1, 2013. Additionally, the weekly pivot point on November 25 - 29, 2013 had been set at the level of 1.34511 (and daily pivot point is set at the level of 1.3540 for November 26, 2013). Furthermore, it should also be noted that the price has still been trapped between 1.3530 and 1.3590. At the same time the RSI and the moving average (100) are still calling for downtrend. Thus, the market indicates a bearish opportunity on the level of 1.3620 on H1 chart with the first target of 1.3570, and continues towards 1.3510. However, if the price closes above the resistance, then the best location for placing a stop loss should be above 1.3640.
Intraday technical levels:
Date & Time: 26/11/2013 13:17
Pair: EUR/USD
R3: 1.3627
R2: 1.3599
R1: 1.3572
PP: 1.3544
S1: 1.3517
S2: 1.3489
S3: 1.3462

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

 

[bhanu545]

EUR/USD Intraday Technical Levels for November 27, 2013

Today EUR/USD has support and resistance at 1.3517 and 1.3607. The rate is accompanied by strong support at 1.3504 and by 1.3620 as strong resistance. If EUR/USD breaks out and closes below 1.3496 level today, then it will indicate a considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above 1.3628 level, then it will denote a high bullish strength. Alternatively, for advance traders, you can trade in a way to open a BUY position at the level of 1.3530 and a SELL position at 1.3594. In this case, both targets should be located at the level of 1.3562.

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

 

[bhanu545]

GBP/USD intraday technical levels and trading recommendations for November 27, 2013

The previous bullish swing targeted 127% Fibonacci Expansion level when the bulls stepped above 1.6035 recording a daily high at 1.6262, which is 70 pips higher than 127.2% Fibonacci Expansion level. Then on October 23, the GBP/USD pair broke initially the 1.6200 handle hitting the area of 1.6250. However, most of the bullish gains were lost when the pair established a Double Top reversal pattern around 1.6200-1.6250. Failure to break down the 1.5900 level was observed last week. Instead, bullish rejection led to another bullish swing again toward 1.6200 (127% Fibo Expansion) which was bypassed so far. As depicted on the chart, the current level around 1.6300 corresponds to the multiple previous tops that were established in 2012. Knowing that 2012's high was around 1.6350, the bulls are trying to record new highs before the end of 2013. The current movement remains targeting 1.6350 as long as the bulls are defending the newly established demand zone around 1.6200-1.6250. Bypassing 2012's high around 1.6350 will probably initate a strong bullish swing toward 1.6460 initially. The current bullish impulse was initiated last Thursday as the bulls were applying bullish pressure based on their hopes regarding the results of the meeting of the Federal Open Market and the U.S. retail sales which were announced later on the day. Price zone 1.6325-1.6350 remains a significant supply "resistance" for a possible bearish entry with SL as daily closure above 1.6350.

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

 

[bhanu545]

GBP/USD pushed through 1.63 levels. Hold on short positions

Technical Outlook and Chart Setups:
The single currency pair might have pushed through 1.6300 levels and triggered stops placed there. Still the pair is trading below the Jan 2013 high of 1.6380 levels. A top and reversal here remains of grave possibility and hence recommendations are to initiate fresh short positions at current levels (1.6300) keeping risk at 1.6425 levels. Furthermore a possible head and shoulder could also form if prices confirm top and reversal at current levels. Resistance is at 1.6380, while support is at 1.6150 followed by 1.6050 and lower.
Trade Recommendations:
Initiate fresh short positions now (1.6300), stop at 1.6425, target open.

Performed by Harsh Japee, Analytical expert
InstaForex Group © 2007-2013

 

[bhanu545]

EUR/USD technical analysis for November 28, 2013

Intraday trading recommendations:
According to the previous events, the price has still been trapped between 1.3622 and 1.3580. Below 1.3680, look for further downside with 1.3622 (the weekly resistance 1) and 1.3515 targets. Stop loss should be placed at 1.3713. The level of 1.3511will indicate a strong support, moreover, this price will form a double bottom at 1.3511 (it should be noted that this level formed the weekly pivot point for November 25 - 29, 2013). Therefore, it will wise to buy at 1.3525 with a first target at 1.3620, then continue towards 1.3666. And the stop loss should be placed below 1.35 at the level of 1.3485.
Please check out the market volatility before investing, because the price may have already been reached and scenarios might have become invalidated.

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

 

[bhanu545]

EUR/USD intraday technical levels and trading recommendations for November 29, 2013

The price zone of 1.3400-1.3460 represented a valuable supply zone that kept the price below for months. However, a significant bullish rejection was expressed around 1.3100 leading to a bullish breakout pattern. According to the final readings of the European Statistical Office disclosed two weeks ago, the European inflation was at 1.1% in September, in line with preliminary projections, while 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 which initiated bearish retracement towards 1.3450 which failed to provide strong support, and then 1.3280 was tested shortly after. Price zone of 1.3280 - 1.3300 provided strong demand for the pair pushing it higher above 1.3400 - 1.3450 (prominent technical levels). Persistence of the current movement to push above 1.3450 level allows the pair to reach the next supply level around 1.3640 where the price action should be watched. Price level of 1.3640 corresponds not only to a prominent high established on October 7, but also to the upper limit of the ongoing bullish channel depicted on the chart. Based on the market analysis, there is a valid sell entry around 1.3600-1.3640 with SL as daily closure above 1.3670.

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

 

[bhanu545]

GBP/USD intraday technical levels and trading recommendations for November 29, 2013

On October 23, the GBP/USD pair broke initially the 1.6200 handle hitting the area of 1.6250. However, most of the bullish gains were lost when the pair established a Double Top reversal pattern around 1.6200-1.6250. Failure to break down the 1.5900 level was observed last week. Instead, bullish rejection led to another bullish swing again toward 1.6200 (127% Fibo Expansion) which was bypassed so far. As depicted on the chart, the current level around 1.6300 corresponds to the multiple previous tops that were established in 2012. Knowing that 2012's high was around 1.6350, the bulls are trying to record new highs before the end of 2013. The current movement is targeting 1.6350 as long as the bulls are defending the newly established demand zone around 1.6200-1.6250. Bypassing 2012's high around 1.6350 will probably initate a strong bullish swing toward 1.6460 initially. The current bullish impulse was initiated last Thursday as the bulls were applying bullish pressure based on their hopes regarding the results of the meeting of the Federal Open Market and the U.S. retail sales which were announced later on the day. Price zone of 1.6325-1.6350 remains a significant supply "resistance" for a possible bearish entry with SL as daily closure above 1.6350.

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

 

[bhanu545]

Trading recommendations for EURUSD on December 2, 2013

The pair travels towards a pretty awesome range. The longest recession in Euro zone finally come to an end and the modest recovery possibly driven by exports improved euro zone jobs and inflation data. The more concern is about deflation. Inflation rose to 0.9% in November. In November ECB surprised the street by its interest rate decision. In the next policy meeting we expect ECB to take any further action. The ECB should also be looking to offset the tightening of monetary conditions coming from US. The further action of the prices decides by the next move of ECB. The pair halts at 1.3622 double top made on 29th of November and found a support at 1.3580. The next run above the 1.3622 can create a high at 1.383 The pair is travelling towards north to the final leg wave up 1.42 with strong support at 1.3547. Close below 1.3417 signs a bearish perspective on positional basis. Recommendation: go long with sl 1.3570 for the target 1.3620 On the negative flip side the Fed is moving to tamper at one time which may cause sharp fall in this pair and we could see a strong rally in USD. On the bearish perspective recent support at 1.34 is the stop loss for all the positional holders and go short with sl 1.3417 for the targets 1.2.

Performed by Joseph Wind, Analytical expert
InstaForex Group © 2007-2013

 

[bhanu545]

GBP/USD weekly technical levels for December 2 - 6, 2013

Intraday technical levels:
Projected High: 1.6553
Strong Resistance (Sell Limit): 1.6430
Current Pivot: 1.6258
Strong Support (Buy Limit): 1.6132
Projected Low: 1.6043

Tip(s):
R3 and S3 are considered to be clear indicators of the maximum range of extreme volatility, though it is possible to pass them through. Pivot lines work well on the sideways markets as the prices are most likely to be located between the R1 and S1 lines. Within a strong trend, the price is expected to be lower than the pivot point line and continue moving. If the breaking news released may affect the market, the price is likely to go straight through R1 or S1 and even reach R2 and R3 or S2 and S3.

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

 

[bhanu545]

EUR/USD intraday technical levels and trading recommendations for December 3, 2013

The price zone of 1.3400-1.3460 represented a valuable supply zone that kept the price below for months. However, a significant bullish rejection was expressed around 1.3100 leading to a bullish breakout pattern.
According to the final readings of the European Statistical Office disclosed two weeks ago, the European inflation was at 1.1% in September, in line with preliminary projections, while 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 initiating a bearish retracement towards 1.3450 which failed to provide strong support, and then 1.3280 was tested shortly after.
Price zone of 1.3280 - 1.3300 provided strong demand for the pair pushing it higher above 1.3400 - 1.3450 (prominent technical levels). Persistence of the current movement to push above 1.3450 level allows the pair to reach the next supply level around 1.3640 where the price action should be watched.

SMA 100 is located around 1.3510-1.3550 which provided signficant support for the pair today, pushing the pair higher again towards 1.3610 and possibly 1.3670.
Price level of 1.3650 corresponds not only to a prominent high established on October 7, but also to the upper limit of the ongoing bullish channel depicted on the chart.
Based on the market analysis, there is a valid sell entry around 1.3640-1.3670 with SL as daily closure above 1.3700.

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

 

[bhanu545]

GBP/USD intraday technical levels and trading recommendations for December 3, 2013

On October 23, the GBP/USD pair broke initially the 1.6200 level hitting the area of 1.6250. However, most of the bullish gains were lost when the pair established a Double Top reversal pattern around 1.6200-1.6250.
Failure to break down the 1.5900 level was observed two weeks ago. Instead, a bullish rejection led to another bullish swing again toward 1.6200 (127% Fibo Expansion) which was bypassed so far.
As depicted on the chart, price levels around 1.6300 correspond to the multiple previous tops that were established in 2012. Knowing that the high of 2012 year was around 1.6350, the bulls are trying to record new highs before the end of 2013.
The current movement was targeting 1.6350 after the bulls succeeded in defending the newly established demand zone around 1.6200-1.6250. Bypassing the 2012's high around 1.6350, they initated a strong bullish swing toward 1.6450 where a Shooting Star daily candlestick was expressed yesterday.
The current bullish impulse was initiated last Thursday as the bulls were applying the bullish pressure based on their hopes regarding the results of the meeting of the Federal Open Market and the U.S. retail sales which were announced later on the day in their favour.
Price area of 1.6440-1.6470 remains a significant supply "resistance" for a possible bearish entry with SL as daily closure above 1.6500.

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