Technical analysis on EU,GU and majors

[bhanu545]

Technical analysis of EUR/USD for January 03, 2014

Today from the Euro Zone we will receive such news like Spanish Unemployment Change, M3 Money Supply y/y, Private Loans y/y, Italian Prelim CPI m/m; and from the US market we will get such data as the US Natural Gas Storage, US Crude Oil Inventories. We predict the EUR/USD price will move in a medium volatility today.
TODAY's TECHNICAL LEVEL:
Breakout BUY Level: 1.3729.
Strong Resistance:1.3720.
Original Resistance: 1.3707.
Inner Sell Area: 1.3694.
Target Inner Area: 1.3661.
Inner Buy Area: 1.3628.
Original Support: 1.3615.
Strong Support: 1.3602.
Breakout SELL Level: 1.3593.
DESCRIPTION:
Today EUR/USD has support and resistance at 1.3615 and 1.3707. The rate is accompanied by strong support at 1.3602 and by 1.3720 as strong resistance. If EUR/USD breaks out and closes below the 1.3593 level today, it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above 1.3729 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 1.3628 and at 1.3694, a SELL position. In this case both targets should be located at the level of 1.3661.

Performed by Arief Makmur, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Daily analysis of GBP/USD for January 03, 2014

Daily chart: The GBP/USD remains above the support level of 1.6447 and it is very likely that this pair will make a bullish rebound at this level, since the GBP/USD has shown enough strength in the current bullish trend, which is expected to extend for a few more days. However, if the pair manages to break the support level of 1.6447, it's expected to fall to the level of 1.6326, which would be a trend's change. The MACD indicator is entering neutral 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 1.6646, take profit is at 1.6507, and stop loss is at 1.6420.

Performed by Felipe Erazo, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Technical analysis of EUR/USD for January 06, 2014

Today the EUR/USD will move in moderate volatility during the European and the US market session, because when the European market opens, they will release some news like German Prelim CPI m/m, Spanish Services PMI, Italian Services PMI, Final Services PMI, Sentix Investor Confidence, and when the US market session starts, they will release some data such as US Final Services PMI, US ISM Non-Manufacturing PMI, US Factory Orders m/m. TODAY's
TECHNICAL LEVEL:
Breakout BUY Level: 1.3664. Strong Resistance:1.3656. Original Resistance: 1.3643. Inner Sell Area: 1.3630. Target Inner Area: 1.3598. Inner Buy Area: 1.3566. Original Support: 1.3553. Strong Support: 1.3540. Breakout SELL Level: 1.3552.
DESCRIPTION:
Today EUR/USD has support and resistance at 1.3553 and 1.3643. The rate is accompanied by strong support at 1.3540 and by 1.3656 as strong resistance. If EUR/USD breaks out and closes below 1.3552 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above 1.3664 level, then it will denote high bullish strength. Alternatively, for advance traders, one can trade in a way to open a BUY position at the level of 1.3566 and at 1.3630, a SELL position. In this case both targets should be located at the level of 1.3598.

Performed by Arief Makmur, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Weekly technical levels of GBP/USD for January 6 - 10, 2014

Probabilities and pivot point: Trading with pivot point is based on probabilities. The market opened below the new weekly pivot point today. Last week the price only hit the past weekly pivot point and has not reached the resistance 1 by 8 pips. Range was 198 pips. So, new range forecast will be around 225 pips this week. Trend was sideways.

Performed by Mourad El Keddani, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Intraday technical levels and trading recommendations for EUR/USD for January 7, 2014

Both charts show a broken ascending channel with a double top reversal pattern, which is being confirmed this week. Bullish movement above 1.3450 within the depicted bullish channel allowed the pair to reach further supply levels around 1.3650 then 1.3750, respectively, when obvious bearish rejection was expressed last week at 1.3800 (failing to reach 100% Fibo Expansion) leading the breakdown of the lower limit of the channel. Stabilization below 1.3600 is a must to gather further bearish momentum to reach the estimated projection target of the reversal pattern around 1.3470. Fundamentally, the EURO rose against the U.S.D on Tuesday after fundamental data showed a rebound in inflation rates for the euro zone , and is expected to apply pressure on the ECB to take some steps during the meeting scheduled for this week. Moreover, today German economic data came better than expected. Daily closure above 1.3600 again invalidates the short-term bearish view. Moreover, it may be a bullish indicator for a bullish impulse to test 100-SMA at 1.3690-1.3740 roughly.

Performed by Michael Becker, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Intraday technical levels and trading recommendations for GBP/USD for January 7, 2014

The daily chart shows the GBP/USD pair is moving within an expanding wedge pattern since September 10. Daily breakthrough above 1.6240-1.6300 took place in December where another consolidation range was established between 1.6240-1.6450 until the last bullish impulse was initiated towards 1.6570-1.6600 in an attempt of bulls to record new highs in 2013. The last bearish rejection took place on Thursday when bearish pressure was applied off the level of 1.6600 (the upper limit of the expanding wedge) resulting in a bearish engulfing daily candlestick. Yesterday, the market expressed a bullish daily hammer candlestick after testing 1.6336 as a daily low for Monday. This indicates temporary bullish rejection that may hinder the ongoing short-term bearish advancement. The nearest dependable DAILY demand (support) level is located at 1.6250. That's where we should be looking for a bullish opportunity with tight SL below 1.6200.

Performed by Michael Becker, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Technical analysis of EUR/USD for January 8, 2014

Overview: The EUR/USD pair has been trading in a tight sideway range since January 6, 2013 and the price has also set below the weekly resistance 1 at the level of 1.3743, moreover the price has already formed double bottom at the 1.3571 level. Accordingly, the market will move between 61.8% of Fibonacci retracement levels (1.3743) and 00% of Fibonacci retracement at the price of 1.3571. In particular, it should noted that at the level of 1.3543 which represents the support, we can expect explosive breakout and it is likely that the market is going to start showing the signs of bullish market. In other words, it will be a good sign to buy above double bottom at the level of 1.3543 with a first target at 1.3663 in order to test the weekly pivot point and it will climb towards 1.3728. However, if the the price of the EUR/USD pair breaks 1.3543 and closes below it, the market will indicate a bearish opportunity below 1.3543 then the best location to set stop loss should be at the 1.3545 price.

Performed by Mourad El Keddani, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

GBP/USD intraday technical levels and trading recommendations for January 8, 2014

By the end of 2013, the bulls managed to recorda new high for the year at 1.6576 stabilization of 1.6250 as a support level. The GBP/USD pair managed to bypass resistance zone 1.6460-1.6520 for few days until bearish momentum was expressed to get the pair back again below it. The market expressed bearish engulfing daily candlestick off 1.6590 during the first few days of 2014.This initiated a corrective bearish movement probably targeting at 1.6250. The bears managed to establish a temporary low at 1.6336. Hence, price level of 1.6470 remains the nearest resistance level which seems to be targeted by the current bullish movement. The mid-term view remains bearish towards 1.6260-1.6230 as long as the bulls are failing to push above 1.6460-1.6500.

Performed by Mohamed Samy, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Intraday technical levels and trading recommendations for EUR/USD for January 9, 2014

Bullish movement above 1.3450 within the depicted bullish channel allowed the pair to reach further supply levels around 1.3650 then 1.3750, respectively. This was taking place until obvious bearish rejection was expressed at 1.3850 (failing to reach 100% Fibonacci Expansion at 1.3904). Few days later, the bulls managed to break down the lower limit of the ascending channel after establishing a double top reversal pattern. Tuesday's candlestick failed to breach Monday's daily high at 1.3650 resulting in an inverted hammer daily candlestick. This was followed by Yesterday's daily closure at 1.3575. However, lack of bearish follow-up is manifested this week waiting for the ECB meeting to decide the interest rates. Rebound in inflation rates for the euro zone released earlier this week may apply pressure on the ECB to take some steps during the meeting scheduled for today. That's why, we should just wait and see to avoid unexpected movements today. Stabilization below 1.3600 is a must to gather further bearish momentum to reach the estimated projection target of the bearish pattern around 1.3460. A daily closure above 1.3600 will probably invalidate this bearish view. Moreover, it may allow a bullish impulse towards 1.3690-1.3740 to take place.

Performed by Michael Becker, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

GBP/USD intraday technical levels and trading recommendations for January 9, 2014

By the end of 2013, the bulls managed to record a new high for the year at 1.6576. This was achieved after stabilization of 1.6250 as a support level. Bearish pressure was applied at price level of 1.6590 to get the pair back again below 1.6460-1.6500 after management of the bulls to breakthrough this zone for a few days. Few days later, the bears managed to establish a temporary low at 1.6336. Hence, price level of 1.6470 remained the nearest resistance level. The bulls has been pushing towards it since January 6. The mid-term view remains bearish towards 1.6260-1.6230 as long as the bulls are failing to breakthrough above 1.6460-1.6500 being tested at the current time. A bullish breakout above 1.6500 will probably allow for another bullish impulse towards 1.6600. That's why, sellers should be watching for today's daily closure.

Performed by Mohamed Samy, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Intraday technical levels and trading recommendations for EUR/USD for January 10

Bullish movement above 1.3450 within the depicted bullish channel allowed the pair to reach further supply levels around 1.3650 and 1.3750, respectively. This was taking place until obvious bearish rejection was expressed at 1.3850 (failing to reach 100% Fibonacci Expansion at 1.3904). Few days later, the bulls managed to break down the lower limit of the ascending channel at 1.3700 after establishing a double top reversal pattern which pushed the pair to record a temporary low at 1.3547. Fundamentally, the euro witnessed important data releases this week such as inflation rates which showed rebound. Moreover, the total GDP rose during the previous quarter according to the official data released today. This may apply bullish pressure on the market today. Stabilization below 1.3600 is a must to gather further bearish momentum to reach the estimated projection target of the double-top pattern around 1.3460 (Demand Zone). However, a daily closure above 1.3600 will probably invalidate this bearish view allowing a bullish impulse towards 1.3690-1.3740 to take place.

Performed by Michael Becker, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Intraday technical levels and trading recommendations for GBP/USD for January 10

Breakthrough above 1.6240-1.6300 took place at the end of November. Another consolidation range was established between 1.6240-1.6450. The last bullish impulse was initiated towards 1.6570-1.6600 in an attempt of bulls to record new highs in 2013. The last bearish rejection took place on Thursday (January, 2) when bearish pressure was applied near the level of 1.6600 (the upper limit of the expanding wedge) resulting in a double-top pattern with multiple bearish engulfing candlesticks in the right limb of the pattern. Having managed to breakdown 1.6460, the GBP/USD pair showed indecision at 1.6340-1.6440. The bulls established an inverted head and shoulders pattern which achieved its projection target at 1.6460 as mentioned in previous articles this week. In the short term, 1.6460-1.6480 (Supply Zone) will probably gather enough bearish momentum to push lower towards 1.6280-1.6230 (prominent DEMAND zone). SELLING the GBP/USD pair at the current levels around 1.6460 will probably be a valid option with tight Stop Loss as 4H closure above 1.6500. Be cautious with decision-making as two importantfundamental releases were negative for the U.S. except for monthly unemploymentrate. This may influence the pair strongly during today’s consolidations, so itis recommended to stick to our SL mentioned above.

Performed by Michael Becker, Analytical expert
InstaForex Group © 2007-2014

 

[RazvanM]

Looks pretty nice, even though it is in a range. If this proves to be a continuation pattern then a break above the local resistance could trigger a rally to 1.3720 or higher. On the other hand, a drop under 1.3654 support could mean that the bears are pressuring for a retest on 1.3630/10

 

[bhanu545]

Technical analysis of EUR/USD for January 13, 2014

TODAY's TECHNICAL LEVELS:
Breakout BUY level: 1.3731.
Strong Resistance:1.3722.
Original Resistance: 1.3709.
Inner Sell Area: 1.3696.
Target Inner Area: 1.3663.
Inner Buy Area: 1.3630.
Original Support: 1.3617.
Strong Support: 1.3604.
Breakout SELL level: 1.3595.
DESCRIPTION:
Today EUR/USD has support and resistance at 1.3617 and 1.3709. The rate is accompanied by strong support at 1.3604 and by 1.3722 as strong resistance. If EUR/USD breaks out and closes below the 1.3595 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3731 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 1.3630 and at 1.3696, a SELL position. In this case both targets should be placed at the level of 1.3663.

Performed by Arief Makmur, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Weekly technical levels for GBP/USD for January 13-17, 2014

Overview: As it is known, historic rates should be used to determine future prices. According to the previous events of the last week, the GBP/USD pair has still been moving between 1.6405 and 1.6550 for five days. It should be also noticed that the price has closed at the level of 1.6482. Expect a move to resistance 1 or back towards the weekly pivot point. Therefore, buy in the short period at the 1.6464 level with the first target of 1.6516 in order to test the last double top; futhermore, it might resume towards 1.6550. Nevertheless, it must beware because sometimes the market seems that it doesn't follow our forecast. So for getting out spank from the market before losing your profit, it will be very meaningful to set stop loss below the weekly support at 1.6360.

Performed by Mourad El Keddani, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Technical analysis of EUR/USD for January 14, 2014

When the European market opens, some economic news will be released such as German WPI m/m, French CPI m/m, Industrial Production m/m.The US will release economic data such as the US-Retail Sales m/m, US-Business Inventories m/m, so amid the reports, EUR/USD will move with moderate volatility during this day.
TODAY's TECHNICAL LEVELS:
Breakout BUY Level: 1.3737. Strong Resistance:1.3728. Original Resistance: 1.3715. Inner Sell Area: 1.3702. Target Inner Area: 1.3669. Inner Buy Area: 1.3636. Original Support: 1.3623. Strong Support: 1.3610. Breakout SELL Level: 1.3601.
DESCRIPTION:
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 the 1.3601 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3601 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 placed at the level of 1.3669.

Performed by Arief Makmur, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Intraday technical levels and trading recommendations for GBP/USD for January 13

A breakthrough above 1.6240-1.6300 took place at the end of November. Another consolidation range was established between 1.6240-1.6450. The last bullish impulse was initiated towards 1.6570-1.6600 in an attempt of bulls to record new highs in 2013. Bearish pressure was applied near the level of 1.6600 (the upper limit of the expanding wedge) resulting in a double-top pattern with multiple bearish engulfing candlesticks in the right limb of the pattern. After breakdown of 1.6460, the GBP/USD pair showed indecision at 1.6340 expressing an inverted Head and Shoulders bullish pattern.This initiated a corrective bullish movement towards 1.6460-1.6500 for further retesting. In previous article we expected the price zone of 1.6460-1.6480 (Supply Zone) to be defended by the bears allowing enough bearish momentum to push towards 1.6280-1.6230 (prominent DEMAND zone). Although the bulls have pushed further above 1.6480, they failed to achieve 4H closure above 1.6500 (Our Stop Loss). Our suggested SELL entry taken around 1.6460-1.6480 is now running in profits heading towards its final targets at 1.6290, then probably to 1.6250. However, some profits should be taken at the current levels to avoid any possible reversals. 4H stabilization below 1.6340 (Intraday Key-level) is mandatory to maintain enough bearish momentum to push towards 1.6250.

Performed by Michael Becker, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Technical analysis of EUR/USD for January 15, 2014

When the European market opens, some economic news will be released such as Trade Balance. The US will release some economic data such as the US-PPI m/m, US-Empire State Manufacturing Index, and Crude Oil Inventories, so amid the reports, EUR/USD will move with low to medium volatility during this day.
TODAY's TECHNICAL LEVELS:
Breakout BUY Level: 1.3738.
Strong Resistance:1.3729.
Original Resistance: 1.3716.
Inner Sell Area: 1.3703.
Target Inner Area: 1.3670.
Inner Buy Area: 1.3637.
Original Support: 1.3624.
Strong Support: 1.3611.
Breakout SELL Level: 1.3602.
DESCRIPTION:
Today EUR/USD has support and resistance at 1.3624 and 1.3716. The rate is accompanied by strong support at 1.3611 and by 1.3729 as strong resistance. If EUR/USD breaks out and closes below the 1.3602 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3738 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 1.3637 and at 1.3703, a SELL position. In this case both targets should be placed at the level of 1.3670.

Performed by Arief Makmur, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Intraday technical levels and trading recommendations for GBP/USD for January 15

Bearish pressure was applied near the level of 1.6600 (the upper limit of the expanding wedge) resulting in a double-top pattern which achieved its projection target (1.6350) one week after. Failure of the GBP/USD pair to breakdown 1.6350 allowed enough bullish momentum to be gathered to push again towards 1.6460. This price level provided a SELL entry as expected on Friday. Further bearish pressure was applied on the pair Yesterday as the bears established another lower high around 1.6450. This enhances our bearish scenario increasing the probability of the bears to breakdown below 1.6350 today. Estimated bearish targets are located at 1.6280-1.6230 (prominent DEMAND zone). The bears have to achieve 4H fixation below 1.6350 in order to gather enough bearish momentum. Otherwise, the bulls will be shooting at 1.6460 again. Price action should be watched carefully around 1.6250 in order to catch a BUY entry to make profits of the ongoing long-term bullish direction.

Performed by Michael Becker, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Technical analysis of EUR/USD for January 16, 2014

When the European market opens, some economic news will be released such as German Final CPI m/m, ECB Monthly Bulletin, Italian Trade Balance, CPI y/y, Core CPI y/y. The US will release the most important economic data such as the US-Core CPI m/m, US-Unemployment Claims, U-CPI m/m, US-TIC Long-Term Purchases, US-NAHB Housing Market Index, US-Natural Gas Storage, so amid the reports, EUR/USD will move with medium to high volatility during this day.
TODAY's TECHNICAL LEVELS:
Breakout BUY level: 1.3663.
Strong Resistance:1.3655.
Original Resistance: 1.3642. Inner Sell Area: 1.3629.
Target Inner Area: 1.3597.
Inner Buy Area: 1.3565.
Original Support: 1.3552.
Strong Support: 1.3529.
Breakout SELL level: 1.3531.
DESCRIPTION:
Today EUR/USD has support and resistance at 1.3552 and 1.3642. The rate is accompanied by strong support at 1.3529 and by 1.3655 as strong resistance. If EUR/USD breaks out and closes below the 1.3531 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3663 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 1.3565 and at 1.3629, a SELL position. In this case both targets should be placed at the level of 1.3597.

Performed by Arief Makmur, Analytical expert
InstaForex Group © 2007-2014