Technical analysis on EU,GU and majors

[bhanu545]

Technical analysis of GBP/USD for May 06, 2014

Today traders will eye British Services PMI. The pair has been trading in an uptrend from 1.6465 levels. In Asia's trading session the pair is trading at 1.6873 levels. As of now, the pair opened its trading day on a bullish note. The RSI in the daily chart indicating a limited upside availability, the pair can extend its bullish wave up to 1.7036. Sell on rise is the best strategy for this pair. It is in the distribution phase on a bullish note, anytime it encounters selling pressure. The Stochastics is giving a positive divergence aiming at 1.6946 and 1.6985 as initial targets. This is valid until the pair holds 1.6853 and trades above 1.6887, currently it is trading below the 1.6887 levels. If the pair breaks the 1.6853 and is unable to cross 1.6887, it will drift up to 1.682 and 1.68 levels are the initial targets.

Performed by Joseph Wind, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Technical analysis of GBP/USD for May 7, 2014

Overview: The support of the GBP/USD pair has already set at the price of 1.6935. So, according to the previous events, the GBP/USD pair is still trapped between 1.6950 and 1.6970. If the trend fails to close below the level of 1.6940, it will a good sign to buy at this level in the short term with targets at 1.6850, then it is going to continue towards the 1.6710 price today. Notwithstanding, the stop loss should be placed at the level of 1.6915. Moreover, if the trend succeeds to close below 1.6930. Consequently, the market will indicate a bearish opportunity below 1.6936, because the level of 1.6936 is going to act as strong resistance after breaking it, for that the market will be continuing in downtrend below the minor support (1.6936) towards the level of 1.6856 in order to test the weekly pivot point.
Notes:
Minor support will be set at the price of 1.6936.
The strong support has already set at 1.6856.
The level of 1.6856 is representing the weekly pivot point.
The resistance is placed at 1.7010 and the double top is going to set at the 1.6995 price.

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

 

[bhanu545]

Technical analysis of EUR/USD for May 7, 2014

When the European market opens, some economic statistics will be released such as German Factory Orders m/m, French Industrial Production m/m, French Trade Balance, Retail PMI. The US will release the economic data too such as the Crude Oil Inventories, 10-y Bond Auction, Consumer Credit m/m, and Fed Chair Yellen Testifies, so amid the reports, EUR/USD will move with low to medium volatility during this day.
TODAY's TECHNICAL LEVELS:
Breakout BUY Level: 1.3995.
Strong Resistance:1.3986.
Original Resistance: 1.3973.
Inner Sell Area: 1.3960.
Target Inner Area: 1.3927.
Inner Buy Area: 1.3894.
Original Support: 1.3881.
Strong Support: 1.3868.
Breakout SELL Level: 1.3859.
DESCRIPTION:
Today EUR/USD has support and resistance at 1.3881 and 1.3973. The rate is accompanied by strong support at 1.3868 and by 1.3986 as strong resistance. If EUR/USD breaks out and closes below the 1.3859 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3995 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 1.3894 and at 1.3960, a SELL position. In this case both targets should be placed at the level of 1.3927.

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

 

[bhanu545]

Intraday technical levels and trading recommendations on EUR/USD for May 8, 2014

Since the EUR/USD pair broke below 1.3855, the pair had roughly been moving within a bearish channel until the depicted uptrend line (the blue trendline) came to meet the pair roughly at 1.3700-1.3680 enhancing this price zone as significant intraday demand. This led to the recent bullish impulse above 1.3810 and 1.3880.
Finally, the last bottom established around 1.3810 could achieve higher value above 1.3880. The bulls topped at 1.3950. However, these levels correspond to the upper limit of the ongoing bullish channel.
A corrective movement towards 1.3880 then 1.3850 was executed immediately as expected yesterday.
For the bulls, the price level of 1.3850 down to 1.3810 remains the nearest DEMAND level for them. It should be watched for a possible BUY position with SL as daily closure below 1.3800.

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

 

[bhanu545]

Technical analysis of GBP/USD for May 08, 2014

Traders eye today's economic event - the BoE will announce its core interest rate. The BoE is expected to leave unchanged its monetary policy in May at 0.5%. The pair has been trading in an uptrend from 1.6826 levels. In Asia's trading session the pair is trading at 1.6954 levels. The pair is in a sell on rally mode. Maximally it can stretch to 1.70-1.7036 levels. The RSI in the daily chart is preparing for a steep fall in the price. The major trend reversal will take place below 1.6820 levels. As of now, the pair made a double bottom at 1.6951 levels. Once it breaks below this, the pair will take immediate support at 1.6930 and 1.6920 levels. On an intraday basis, we expect the pair will move up towards 1.6970 and 1.6980. Sellers can wait for an upmove and short at higher levels at 1.6980-1.7936 levels. Sellers will mint money in this pair for the next couple of trading days. Sell on rally is the best option for bears. Buying zone is 1.6950-1.6930.

Recommendations- 1.6955.
Intraday- Buy at 1.6950-1.6930 with sl 1.6923 for targets at 1.6970, 1.6980 and 1.70.
Sell below 1.6920 for targets 1.6890 and 1.6853.
Positional - sell on rally.

Performed by Joseph Wind, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Technical analysis of EUR/USD for May 9, 2014

Trading recommendations:� The resistance of the EUR/USD pair has already set at 1.3844 on May 9, 2014. Also, it should be noted that the level of 1.3844 is representing the weekly pivot point. Furthermore, it will be very profitable to sell below this level for retesting this level in the short term. Therefore, sell deals are recommended below the weekly pivot point (1.3844) with targets at 1.3800 (the level of 1.3838 is representing the weekly support 1) and 1.3773 to reach the double bottom.
On the contrary, the support is going to set at the level of 1.3730 today. Consequently, the ascendant movement will probably be higher than the 1.3730 level with the targets at the weekly pivot point (1.3844).

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

 

[bhanu545]

Daily analysis of GBP/USD for May 09, 2014

H1 chart: This pair is trying to consolidate below the 200-day moving average as the GBP/USD found resistance at the point of control that is close to the resistance level of 1.6950. If the pair manages to make a breakout at the support level of 1.6850, it's expected to fall to the level of 1.6800. The MACD indicator is in negative 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 1.6900, take profit is at 1.6950, and stop loss is at 1.6850.

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

 

[bhanu545]

Intraday technical levels and trading recommendations on EUR/USD for May 12, 2014

Previously, the depicted uptrend line (the blue trendline) came to meet the pair roughly at 1.3700-1.3680 enhancing this price zone as significant intraday demand. This led to the recent bullish impulse above 1.3810 and 1.3880.
Finally, the last bottom established around 1.3810 could achieve higher value above 1.3880. The bulls topped at 1.3950. However, these levels corresponded to the upper limit of the ongoing bullish channel which applied significant bearish reaction.
A strong corrective movement towards 1.3850 and 1.3800 was executed immediately as expected. This led again towards 1.3770.
For the bulls, the price level of 1.3770 down to 1.3740 remains the nearest DEMAND level for them. It should be watched for a possible BUY position with stop loss as daily closure below 1.3740.

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

 

[bhanu545]

Technical analysis of GBP/USD for May 12, 2014

During this week, trader's will eye on Wednesday's economic data: unemployment rate, BoE Governor Carney speaks and inflation report. Technically the pair gave a break down indication on Friday's session. The journey to down side is paused by hourly momentum indicators. The pair is in an oversold condition. We expect the pair will shift its upwards journey towards 1.6921. On the down side, the pair has strong support at 1.6832 and 1.682 levels.The major panic will start only below 1.682 for 1.6763, 1.6720 and 1.666 levels. The RSI in the daily chart indicates sell on the rally. If a day closes below the 1.6720 level, the real problem will start for bulls.

Intraday- In Asia's trading session, the pair opened its trading at opened low strategy. We expect the pair to move upwards from the current levels towards 1.6870 initially, once crosses, it will fly up to 1.6890 and 1.69. On the downside, 1.6826, 1.6793, 1.678 are the strong supports.

Performed by Joseph Wind, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Intraday technical levels and trading recommendations on EUR/USD for May 13, 2014

Previously, the depicted uptrend line (the blue trendline) came to meet the pair roughly at 1.3700-1.3680 enhancing this price zone as significant intraday demand. This led to the recent bullish impulse above 1.3810 and 1.3880. Finally, the last bottom established around 1.3810 could achieve higher value above 1.3880. The bulls topped at 1.3950. However, these levels corresponded to the upper limit of the ongoing bullish channel which applied significant bearish reaction. A strong corrective movement towards 1.3850 and 1.3800 was executed immediately as expected. This led again towards 1.3770 and cleared the way towards 1.3690 ( previous prominent bottom ). For the bulls, the price zone of 1.3710 - 1.3670 remains the nearest demand level for them to initiate a bullish corrective movement towards 1.3740. This price zone should be watched for a possible buy position with stop loss as daily closure below 1.3680.

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

 

[bhanu545]

Technical analysis of GBP/USD for May 13, 2014

Overview: The market of GBP/USD pair showed the signs of instability. The trend movement was controversial as it took place in the narrow sideways channel. The resistance has set at 1.6890 and it is coinciding with the weekly pivot point this week. Due to the previous events, the price will move between the levels of 1.6890 and 1.6790, Thus, we expect a range of 100 pips in next time. So, it is recommended to be careful while making deals in this spot for that it is necessary to wait till the sideways channel is passed through. Therefore, if the pair fails to pass through the level of 1.6890, the market will indicate a bearish opportunity below the strong resistance level of 1.6890. In this regard, sell deals are recommended lower than the 1.6890 level (the weekly pivot point) with the first target at 1.6830. It is possible that the pair will turn downwards continuing the development of the bearish trend to the level 1.6786 (the weekly support 1t). It should be noted that the weekly resistance 2 is at the level of 1.6726. However, If you have sold below the weekly pivot point then you should be placed your stop loss at 1.6930.

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

 

[bhanu545]

Technical analysis of EUR/USD for May 14, 2014

Overview: The weekly pivot point of EUR/USD pair has set at the level of 1.3831 this week and now it is acting as strong resistance. As it is known, sellers are asking for a high price. Therefore, the first key level will set at the level of 1.3670 and the second key level will set at the 1.3583 level on May 14, 2014. So, it should remind that the level of 1.3831 is representing the resistance and the price of EUR/USD pair is going to move between 1.3770 and 1.3770. Additionally, it should be noted that the range will be about 190 pips this week and we expect that the trend is going to call for the bearish market from the level of 1.3831 because the trend was very clear and indicating downtrend since last week. As a result, sell at the price of 1.3831 with the first target of 1.3670, it might resume to 1.3583 in order to test the weekly support 1. On the other hand, your stop loss should be placed above the 1.3850 level, thus it will be helpful to set it at the price of 1.3880 this week.

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

 

[bhanu545]

Intraday technical levels and trading recommendations on GBP/USD for May 14, 2014

As long as the ascending bottoms established at the uptrend around 1.6675 and 1.6775 remain intact, the market will keep its bullish momentum.
The bulls managed to record a higher value above the recent one at 1.6900. However, the ongoing market demand has been fulfilled around 1.6990 which led to price decline again.
A bearish impulse is taking place now towards 1.6820-1.6775 thus forming the right shoulder of a possible Head and Shoulders reversal pattern with neckline located around 1.6830-1.6810.
Price action should be watched around neckline to determine if the ongoing bearish momentum is going to be contained above 1.6800 again or the reversal wedge pattern would apply enough bearish pressure to confirm the ongoing reversal pattern.
Projection targets of this pattern extends down to 1.6775, 1.6720 and 1.6690.

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

 

[bhanu545]

Technical analysis of EUR/USD for May 15, 2014

Intraday- In Asia's trading session the pair is trading at 1.3717 facing resistance at 1.3755 and 1.3775. The hourly momentum indicators favor a pullback from the oversold levels. The pair is trading between 1.3730-1.3703 levels. Once it breaks to the up side, it will extend it's up move up to 1.3755, 1.3768 and 1.3775 levels immediately, later 1.38 and 1.3825 are on the cards.

Performed by Joseph Wind, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Technical analysis of GBP/USD for May 15, 2014

Trading recommendations: According to the preceding events, the GBP/USD pair is going to move between 1.6792 and 1.6725. Sell at the level of 1.6795 (the weeky resistance) with the first target at the 1.6730 price in order to test the minor support, then it will call for downward pressure in order to continue its bearish movement towards 1.6660 in order to test this strong support (the price of 1.6660 is going to represent the ratio of 38.2% Fibonacci). At the same time, the stop loss should be placed at the level of 1.6833. On the contrary, if the trend fails to close below the level of 1.666, it will be very advantageous, but above the 1.6660 price with a target at 1.6770, then at the price of 1.6800.
Intraday technical levels:
Date: 15/05/2014
Pair: GBP/USD R3: 1.6962 R2: 1.6918 R1: 1.6842 PP: 1.6798 S1: 1.6722 S2: 1.6678 S3: 1.6602

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

 

[bhanu545]

Technical analysis of EUR/USD for May 16, 2014

When the European market opens, some economic news will be released such as French Prelim Non-Farm Payrolls q/q, Italian Trade Balance.The US will release the economic data too such as the Building Permits, Housing Starts, Prelim UoM Consumer Sentiment, Prelim UoM Inflation Expectations, so amid the reports, EUR/USD will move low to medium volatility during this day. Today's technical levels:
Breakout BUY Level: 1.3783.
Strong Resistance:1.3774.
Original Resistance: 1.3761.
Inner Sell Area: 1.3748.
Target Inner Area: 1.3715.
Inner Buy Area: 1.3682.
Original Support: 1.3669.
Strong Support: 1.3656.
Breakout SELL Level: 1.3647.
Description:
Today EUR/USD has support and resistance at 1.3669 and 1.3761. The rate is accompanied by strong support at 1.3656 and by 1.3774 as strong resistance. If EUR/USD breaks out and closes below the 1.3647 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3783 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 1.3682 and a SELL position at 1.3748. In this case both targets should be placed at the level of 1.3715.

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

 

[bhanu545]

Intraday technical levels and trading recommendations on GBP/USD for May 16, 2014

As long as the ascending bottoms established at the uptrend around 1.6675 and 1.6775 remain intact, the market will keep its bullish momentum.
The bulls managed to record a higher value above the recent one at 1.6900. However, the ongoing market demand has been fulfilled around 1.6990 which led to price decline again.
A bearish impulse took place towards 1.6820-1.6775 thus forming the right shoulder of a possible Head and Shoulders reversal pattern with neckline located around 1.6830-1.6810.
The reversal wedge pattern applied enough bearish pressure to confirm the ongoing reversal pattern which got confirmed by breakdown of price zone of 1.6830-1.6810.
Projection targets of this pattern extends down to 1.6775, 1.6720 and 1.6690.
A bullish pull-back is taking place today. Price zone of 1.6830-1.6810 will probably offer a good SELL entry at retesting so price action should be watched.

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

 

[bhanu545]

Intraday technical levels and trading recommendations on EUR/USD for May 19, 2014

Previously, the depicted uptrend line (the blue trendline) came to meet the pair roughly at 1.3700-1.3680 enhancing this price zone as significant intraday demand. This led to the recent bullish impulse above 1.3880.
The recent established bottom around 1.3810 could achieve higher value above 1.3880. The bulls topped at 1.3950. However, these levels corresponded to the upper limit of the ongoing bullish channel which applied significant bearish reaction.
A strong corrective movement towards 1.3850 and 1.3800 was executed immediately as expected. This led again towards 1.3770 and cleared the way towards 1.3690 ( previous prominent bottom ).
For the bulls, the price zone of 1.3710 - 1.3670 remains the nearest demand level for them to initiate a bullish corrective move towards 1.3740.
A short-term bullish "Head and Shoulders" pattern is being established on the 4H chart. The right shoulder was established on Friday around 1.3690 offering a valid BUY entry with stop loss located below 1.3640.
The bullish corrective movement will be targeting at 1.3800 as long as the recent bottom around 1.3650 remains defended by the bulls.

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

 

[bhanu545]

Intraday technical levels and trading recommendations on GBP/USD for May 19, 2014

The bulls managed to record a higher value above the recent one at 1.6900. However, the ongoing market demand has been fulfilled around 1.6990 which led to a price decline again.
A bearish impulse took place towards 1.6820-1.6775 thus forming the right shoulder of a possible Head and Shoulders reversal pattern with neckline located around 1.6830-1.6810.
The reversal wedge pattern applied enough bearish pressure to confirm the ongoing reversal pattern which got confirmed by breakdown of price zone of 1.6830-1.6810.
A bullish pull-back is taking place towards neckline of the reversal pattern. The price zone of 1.6830-1.6850 will probably offer a SELL entry with Stop Loss to be located above 1.6880.
Projection targets of this pattern extends down to 1.6775, 1.6720 and 1.6690.

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

 

[bhanu545]

Technical analysis of EUR/USD for May 20, 2014

When the European market opens, some economic news will be released such as German PPI m/m.The US will not release any economic data, so amid the reports, EUR/USD will move with low volatility during this day.
TODAY's TECHNICAL LEVELS:
Breakout BUY Level: 1.3780.
Strong Resistance:1.3771.
Original Resistance: 1.3758.
Inner Sell Area: 1.3745.
Target Inner Area: 1.3701.
Inner Buy Area: 1.3679.
Original Support: 1.3666.
Strong Support: 1.3653.
Breakout SELL Level: 1.3644.
DESCRIPTION:
Today EUR/USD has support and resistance at 1.3666 and 1.3758. The rate is accompanied by strong support at 1.3653 and by 1.3771 as strong resistance. If EUR/USD breaks out and closes below the 1.3644 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3780 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 1.3679 and at 1.3745, a SELL position. In this case both targets should be placed at the level of 1.3701.

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