Technical analysis on EU,GU and majors

[bhanu545]

Intraday technical levels and trading recommendations for GBP/USD for January 16

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 later. The failure of the GBP/USD pair to break down 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 this week as the bears established new lower highs around 1.6450 and 1.6375. This enhances our bearish scenario increasing the probability of the bears to hit new lows below 1.6350. Estimated bearish targets are located at 1.6280-1.6230 (prominent DEMAND zone). The bears need to achieve 4H fixation below 1.6350 to gather enough bearish momentum.Otherwise, the bulls will be shooting at 1.6460 again. Price action should be watched carefully at 1.6250-1.6230 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

 

[ajpipsmaker]

Agree

I agree with you buying at around the 1.6250 is a great strategy.
However, I was also long from the 1.6320 level, and this trade is running now with Trailed SL to lock 40 pips.
I am interested in buying more if the pair falls again from the here.
But, the pair needs a reason for the fall.
Today's retail sales data was impressive, and may help the GBPUSD in the short term.
Let's see how the next weeks shapes out.

Thanks for sharing your thoughts.

Regards,
AJPIpsmaker

 

[bhanu545]

Technical analysis of EUR/USD for January 17, 2014

When the European market opens, there will be French Gov Budget Balance.The US will release the most important economic data such as the US-Building Permits, US-Housing Starts, US-Capacity Utilization Rate, US-Industrial Production m/m, US-Prelim UoM Consumer Sentiment, US-Prelim UoM Inflation Expectations, US-JOLTS Job Openings, so amid the reports, EUR/USD will move with low to medium volatility during this day. TODAY's TECHNICAL LEVELS:
Breakout BUY Level: 1.3684.
Strong Resistance:1.3676.
Original Resistance: 1.3663.
Inner Sell Area: 1.3650.
Target Inner Area: 1.3618.
Inner Buy Area: 1.3586.
Original Support: 1.3573.
Strong Support: 1.3560.
Breakout SELL Level: 1.3552.
DESCRIPTION:
Today EUR/USD has support and resistance at 1.3573 and 1.3663. The rate is accompanied by strong support at 1.3560 and by 1.3676 as strong resistance. If EUR/USD breaks out and closes below the 1.3552 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3684 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 1.3586 and at 1.3650, a SELL position. In this case both targets should be placed at the level of 1.3618.

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

 

[bhanu545]

GBP/USD intraday technical levels and trading recommendations for January 17, 2014

The daily chart shows multiple bearish rejections at the upper limit of the ongoing channel resulting in an atypical bearish head and shoulders pattern. Despite Tuesday's bullish reversal towards 1.6460 intraday resistance, a bearish engulfing daily candlestick was expressed on Wednesday indicating the strength of this price level as resistance. Yesterday's daily candlestick failed to close below 1.6333 showing prominent bullish rejection that's taking place today. Yesterday's Daily fixation above 1.6330 allowed another bullish impulse to take place today probably targeting at 1.6460. On the 4H chart, Lower highs are being established indicating bearish momentum. However, we can obviously see that the pair failed to achieve lower low below 1.6333 (previous low). The technical outlook suggests taking a SELL entry at 1.6460 with careful watching of a possible 4H bullish breakout which invalidates this position.Daily closure above 1.6460 invalidates this SELL entry. On the long-term, daily closure below 1.6333-1.6300 is a must to collect further bearish momentum to push towards 1.6230-1.6200.

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

 

[Cobalt]

I think as the pair closed below the 1.3550 support level on Friday (Jan 17), it now has potential to reach the 261.8% extension of the bearish long-tail bar formed on Dec 27.

 

[bhanu545]

Technical analysis of EUR/USD for January 20, 2014

When the European market opens, some economic news will be released such as German PPI m/m, German Buba Monthly Report.The US will not release any economic data because of the Bank Holiday, so amid the reports, EUR/USD will move with low to medium volatility during this day.
TODAY's TECHNICAL LEVELS:
Breakout BUY Level: 1.3579.
Strong Resistance:1.3571.
Original Resistance: 1.3558.
Inner Sell Area: 1.3545.
Target Inner Area: 1.3513.
Inner Buy Area: 1.3481.
Original Support: 1.3468.
Strong Support: 1.3455.
Breakout SELL Level: 1.3447.
DESCRIPTION:
Today EUR/USD has support and resistance at 1.3468 and 1.3558. The rate is accompanied by strong support at 1.3455 and by 1.3571 as strong resistance. If EUR/USD breaks out and closes below the 1.3447 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3579 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 1.3481 and at 1.3545, a SELL position. In this case both targets should be placed at the level of 1.3513.

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

 

[bhanu545]

Weekly technical levels of GBP/USD for January 20 - 24

Overview: The GBP/USD pair broke a major resistance at the level 1.6318 last week, and today the price have opened around the new weekly pivot point at the 1.6410 level. Moreover, it should be noted that the weekly pivot point is calculated at 1.3112. Therefore, a movement will probably start at this area and recovery will begin again. Thus, the market will indicate a bullish opportunity above the weekly pivot point, for that, it will be a good sign to buy at this spot with the first target at 1.6507 in order to form a double top and continue towards 1.6561 tomorrow. But, please, check out the market volatility before investing, because the sight price may have already been reached and scenarios become invalidate. On the other hand, if a break of 1.6350 occurs, then it will be a good location for placing stop loss at the price of 1.6330 as well as we should remind that the stop loss should never exceed your maximum exposure amounts.

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

 

[ajpipsmaker]

I am also looking to buy the GBPUSD on the dips.
However, I have not received any opportunity as yet.
The pair is consolidating ahead of a key fundamental release for the UK.
I am not sure whether the pair will break the range ahead of the report.
The 1.6360 level is the one I am eyeing in the short term.
If the pair does not move lower, and climb from here, then a break above 1.6450 would call for a test of the 1.6500 level.
I will be watching the pair carefully in the coming sessions.

Cheers!

 

[bhanu545]

Technical analysis of EUR/USD for January 21, 2014

When the European market opens, some economic news will be released such as ZEW Economic Sentiment, ZEW Economic Sentiment, Spanish HPI q/q. The US will not release any economic data today, so amid the reports, EUR/USD will move with low volatility during this day.
TODAY's TECHNICAL LEVELS:
Breakout BUY Level: 1.3612.
Strong Resistance:1.3604.
Original Resistance: 1.3591.
Inner Sell Area: 1.3578.
Target Inner Area: 1.3546.
Inner Buy Area: 1.3514.
Original Support: 1.3501.
Strong Support: 1.3488.
Breakout SELL Level: 1.3480.
DESCRIPTION:
Today EUR/USD has support and resistance at 1.3501 and 1.3591. The rate is accompanied by strong support at 1.3488 and by 1.3604 as strong resistance. If EUR/USD breaks out and closes below the 1.3480 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3612 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 1.3514 and at 1.3578, a SELL position. In this case both targets should be placed at the level of 1.3546.

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

 

[bhanu545]

GBP/USD intraday technical levels and trading recommendations for January 21, 2014

The daily chart showed bearish rejection at the upper limit of the ongoing channel around 1.6590 (on January 2) with a quite strong bearish engulfing candlestick. This was followed by bearish breakdown of the first support trendline located at 1.6490 where a descending high was established last week.Since then, the pair has been consolidating within price range1.6320-1.6500. On Friday, the bears failed to close below 1.6320 (2nd support trendline). Instead, considerable bullish rejection was expressed. The technical outlook suggests taking a SELL entry at 1.6460. Daily closure above 1.6460 invalidates this SELL entry. On the long-term, daily breakdown below 1.6333-1.6300 is a must to collect further bearish momentum to push towards 1.6230-1.6200 initially.

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

 

[bhanu545]

Technical analysis of EUR/USD for January 22, 2014

There is no economic data to be released from Euro Zone and the US. That is why we predict this pair today to move with low volatility. TODAY's TECHNICAL LEVELS:
Breakout BUY Level: 1.3634.
Strong Resistance:1.3626.
Original Resistance: 1.3613.
Inner Sell Area: 1.3600.
Target Inner Area: 1.3568.
Inner Buy Area: 1.3536.
Original Support: 1.3523.
Strong Support: 1.3510.
Breakout SELL Level: 1.3502.
DESCRIPTION:
Today EUR/USD has support and resistance at 1.3523 and 1.3613. The rate is accompanied by strong support at 1.3510 and by 1.3626 as strong resistance. If EUR/USD breaks out and closes below the 1.3502 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3634 level, then it will denote high bullish strength. Alternatively, for advance traders, you can trade in a way to open a BUY position at the level of 1.3536 and at 1.3600, a SELL position. In this case both targets should be placed at the level of 1.3568.

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

 

[bhanu545]

GBP/USD intraday technical levels and trading recommendations for January 22, 2014

GBP/USD has been moving within a wide-ranged price zone extending between 1.5900 and 1.6250 until November 27 when a bullish breakout took place. Since this breakout, the bulls have been defending 1.6250 as a prominent support for them. Further successful retesting took place on mid of December that pushed the pair again to the upside. The daily chart shows recent bearish rejection at the upper limit of the ongoing channel around 1.6590 (on January 2). This pushed the pair towards 1.6310 where another bullish impulse was initiated. Based on the mentioned bullish breakout, the GBP/USD pair has a projection target located around 1.6630. Any BUY positions should be closed there. In the long -term, there is a prominent WEEKLY resistance located around 1.6740. Daily fixation above 1.6600-1.6630 will probably open the way towards it. However, we should notice price action at 1.6630 initially as bearish rejection may take place off there.

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

 

[bhanu545]

Technical analysis of EUR/USD for January 23, 2014

When the European market opens, some economic news will be released. It will be French Flash Manufacturing PMI, French Flash Services PMI, Spanish Unemployment Rate, German Flash Manufacturing PM, German Flash Services PMI, Current Account, Flash Manufacturing PMI, Flash Services PMI. The US will release some economic data such as the US-Unemployment Claims, US-Flash Manufacturing PMI, US-HPI m/m, US-Existing Home Sales, US-CB Leading Index m/m, US-Natural Gas Storage, US-Crude Oil Inventories, so amid the reports, EUR/USD will move with medium to high volatility during this day.
TODAY's TECHNICAL LEVELS:
Breakout BUY Level: 1.3603.
Strong Resistance:1.3595.
Original Resistance: 1.3582.
Inner Sell Area: 1.3569.
Target Inner Area: 1.3537.
Inner Buy Area: 1.3505.
Original Support: 1.3492.
Strong Support: 1.3479.
Breakout SELL Level: 1.3471.
DESCRIPTION:
Today EUR/USD has support and resistance at 1.3492 and 1.3582. The rate is accompanied by strong support at 1.3479 and by 1.3595 as strong resistance. If EUR/USD breaks out and closes below the 1.3471 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3603 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 1.3505 and at 1.3569, a SELL position. In this case both targets should be placed at the level of 1.3537.

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

 

[bhanu545]

Technical analysis of GBP/USD for January 23, 2014

This week, the GBP/USD pair has an upside movement from 1.6415 to 1.6517, and today the market has opened at the price of 1.6566. Furthermore, the uptrend represents the double bottom of the channel emerging at the level of 1.6415. It is equally important that the RSI has still been positive in the daily time frame, so it calls for a new upward movement. Therefore, the price movement will be trapped between 1.6615 and 1.6466 (Fibonacci retracement levels in H4 chart). Moreover, the pair has already formed major support at the level of 1.6503. For that it should be noted that the price was set above this level a long time ago, and the market will indicate a bullish opportunity at the level of 1.6500, with the first target at 1.6565, then if it breaks 1.655, there will be a breakout above this level with the second target at the 1.6611 price. However, the best location for placing a stop loss should be below 1.6412.

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

 

[bhanu545]

Technical analysis of EUR/USD for January 24, 2014

When the European market opens, some economic news will be released such as Italian Retail Sales m/m, Belgian NBB Business Climate.The US will not release any economic data today, so amid the reports, EUR/USD will move low with medium volatility during this day.
TODAY's TECHNICAL LEVELS:
Breakout BUY Level: 1.3756.
Strong Resistance:1.3747.
Original Resistance: 1.3734.
Inner Sell Area: 1.3721.
Target Inner Area: 1.3688.
Inner Buy Area: 1.3655.
Original Support: 1.3642.
Strong Support: 1.3629.
Breakout SELL Level: 1.3620.
DESCRIPTION:
Today EUR/USD has support and resistance at 1.3642 and 1.3734. The rate is accompanied by strong support at 1.3629 and by 1.3747 as strong resistance. If EUR/USD breaks out and closes below the 1.3620 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3756 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 1.3655 and at 1.3721, a SELL position. In this case both targets should be placed at the level of 1.3688.

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

 

[bhanu545]

GBP/USD intraday technical levels and trading recommendations for January 24, 2014

GBP/USD has been moving within a wide-ranged price zone extending between 1.5900 and 1.6250 until November 27 when a bullish breakout took place. Since this breakout, the bulls have been defending 1.6250 as a prominent support. Further successful retesting took place in mid-December that pushed the pair again to the upside. Based on the above-mentioned bullish breakout, the GBP/USD pair had a projection target around 1.6630. As suggested, bearish reversal was strongly expressed off 1.6660 (30 pips higher). The pair has declined about 100 pips within one hour. The 4H chart reveals prominent support levels located at 1.6490 then 1.6450. These levels will probably provide a valid BUY entry with SL as 4H closure below 1.6400.

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

 

[bhanu545]

Technical analysis of EUR/USD for January 27, 2014

When the European market opens, some economic news will be released such as German Ifo Business Climate, German Buba Monthly Report.The US will release the most important economic data such as the US-Flash Services PMI, US-New Home Sales, so amid the reports, EUR/USD will move with low to medium volatility during this day.
TODAY's TECHNICAL LEVELS:
Breakout BUY Level: 1.3749.
Strong Resistance:1.3740.
Original Resistance: 1.3727.
Inner Sell Area: 1.3714.
Target Inner Area: 1.3681.
Inner Buy Area: 1.3648.
Original Support: 1.3635.
Strong Support: 1.3622.
Breakout SELL Level: 1.3613.
DESCRIPTION:
Today EUR/USD has support and resistance at 1.3635 and 1.3727. The rate is accompanied by strong support at 1.3622 and by 1.3740 as strong resistance. If EUR/USD breaks out and closes below the 1.3613 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3749 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 1.3648 and at 1.3714, a SELL position. In this case both targets should be placed at the level of 1.3681.

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

 

[bhanu545]

GBP/USD intraday technical levels and trading recommendations for January 27, 2014

GBP/USD had been moving within a wide-ranged price zone extending between 1.5900 and 1.6250 until November 27 when a bullish breakout took place. Since this breakout, the bulls have been defending 1.6250 as a prominent support. Another successful retesting took place in mid-December that pushed the pair again to the upside. Based on the above-mentioned bullish breakout, the GBP/USD pair had a projection target around 1.6630. As suggested, bearish reversal was strongly expressed off 1.6660 (30 pips higher). The pair has declined about 150 pips few hours later. The 4H chart reveals prominent support levels located at 1.6490 and 1.6450. We can notice bullish rejection of 1.6490 compared to Friday. Bullish momentum is still manifest during today's consolidations. These support levels provided a valid buy entry as suggested on Friday. Targets should be located at 1.6575 and 1.6620 while SL as 4H closure below 1.6400.

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

 

[ajpipsmaker]

GBPUSD is again climbing higher.
The UK GDP data was released in the European session, which came in line with the expectations.
The pair dipped after the release, but later recovered the ground, and managed to retrace back all the losses.
The US durable goods orders data is also released now, which came as a disappointment.
This has further helped the GBPUSD pair.
The 1.6620 level is a swing level for now.
If the pair manages to climb higher above it, then it can re-test the previous high.
Let's wait for a couple of sessions.

Cheers!

 

[bhanu545]

Technical analysis of EUR/USD for January 28, 2014

When the European market opens, some economic news will be released such as German Import Prices m/m. The US will release the most important economic data such as the US-Core Durable Goods Orders m/m, US-CB Consumer Confidence, US-Richmond Manufacturing Index, so amid the reports, EUR/USD will move with low to medium volatility during this day.
TODAY's TECHNICAL LEVELS:
Breakout BUY Level: 1.3739.
Strong Resistance:1.3730.
Original Resistance: 1.3717.
Inner Sell Area: 1.3704.
Target Inner Area: 1.3671.
Inner Buy Area: 1.3638.
Original Support: 1.3625.
Strong Support: 1.3612.
Breakout SELL Level: 1.3603.
DESCRIPTION:
Today EUR/USD has support and resistance at 1.3625 and 1.3717. The rate is accompanied by strong support at 1.3612 and by 1.3730 as strong resistance. If EUR/USD breaks out and closes below the 1.3603 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3739 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 1.3638 and at 1.3704, a SELL position. In this case both targets should be placed at the level of 1.3671.

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