Technical analysis on EU,GU and majors

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Intraday technical levels and trading recommendations on GBP/USD for June 4, 2014

Show full picture The bulls managed to record a higher value above the recent one at 1.6900. However, the ongoing demand has been fulfilled around 1.6920 which led to a price decline again. Bearish breakdown of 1.6825-1.6800 ( which means breakdown of the previous congestion zone as well ) exposed price level of 1.6740 for breakdown. Price zone of 1.6750-1.6770 corresponded to lower limit of the ongoing channel. However, it has been broken down previously this week. This enhances the bearish momentum on the short-term prospective as long as the bears remain defending 1.6800 and also provides a SELL opportunity at retesting with SL located just above 1.6800. Management of the bears to maintain 4H fixation below this price zone suggests a bearish limb towards 1.6650 ( previous bottom depicted on the chart ).

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

 

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Near-term forecast and intraday recommendations for EUR/USD for June 05, 2014

For intraday traders, the pair opened in a minor bullish note in Asia's trading session. It looks weak below 1.3598, so it may drift up to 1.3586 and 1.3560 levels. Below 1.3560 the weakness is likely to double and extend its fall up to 1.3520. The panic button would trigger below 1.3520 for 1.3477 and 1.3410/1.3380. On the upside, it the pair breaks the upper trend line (R1), it can spike up to 1.3670 and 1.37. The upside trend change would take place only after the pair closing above 1.367 and bulls back on track above 1.3735 levels.
Sell below 1.3477 target 1.3410 and 1.3380
Risky traders can buy at 1.3520 sl 1.3477
Short-term: sell on the rallies

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

 

[bhanu545]

GBP/USD intraday technical levels and trading recommendations for June 5, 2014

The recent congestion zone between 1.6765 and 1.6815 was established during February and March.
These levels correspond to the previous tops in a successful Double Top pattern.
The depicted BLUE uptrend line remained intact since it was established in November 2013. However, this time the bulls are retesting the backside of the same broken trend line.
On the 4H chart, strong bearish rejection was expressed off 1.6920 leading to bearish breakdown of the depicted bullish channel as well as successive previous support levels now acting as resistance.
The expressed bearish momentum enhances the bearish side of the market especially at retesting of recently broken support levels as taking place today.
Note the bearish spike that extended below 1.6730 earlier today. Immediate bullish rejection was expressed shortly after the pair reached its average daily range around 1.6725.
This enhances the bullish side of the market at least on intraday basis.
However, the long-term perspective remains bearish aiming to form another bearish limb that would extend below 1.6730 ( the most recent bottom ) as long as the bears keep defending this newly established resistance zone located between 1.6780-1.6820.
If the pair resumes its bearish momentum, we should note that price action should be watched around 1.6650 to take advantage of a possible bullish corrective movement.

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

 

[bhanu545]

Technical analysis of EUR/USD for June 06, 2014

Today EUR/USD has support and resistance at 1.3626 and 1.3692. The rate is accompanied by strong support at 1.3600 and by 1.3718 as strong resistance. If EUR/USD breaks out and closes below the 1.3591 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3727 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 1.3626 and at 1.3692, a SELL position. In this case both targets should be placed at the level of 1.3659.

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

 

[bhanu545]

Technical analysis of GBP/USD for June 6, 2014

After the previous events, the resistance of the GBP/USD pair has already set at the level of 1.6900. Furthermore, the weekly support 1 sets at the level of 1.6710. But the price is moving around the level of 1.6805 which represents the pivot point. Also, it should be noted that resistance has broken and turned to support. Equally important, we expect a range between 1.6890 and 1.6750. Accordingly, the price of the GBP/USD pair is going to move strongly between 1.6890 and 1.6750 because we expect a high volatility in the coming session. Thus, it is reasonable to be careful with action around this area. Equally important, it should be noted that the range today will be about 60 pips. So, the trend in H1 chart is going to call for a bearish market at the level of 1.69. Thereupon, it looks for further downside move below 1.69 with targets at 1.6820 and 1.6745 today. On the other hand, buy above the price of 1.6715 with the first target at 1.6750. It might resume to 1.6833 in order to test the minor resistance.

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

 

[bhanu545]

Weekly technical levels of EUR/USD for June 9-13, 2014

Overview: The EUR/USD pair has rebounded from the minor resistance at the level of 1.3676, and it is now approaching its resistance in order to test it. Additionally, the level of 1.3676 is representing the double bottom in H1 chart. Another thought, the weekly pivot point for June 9-13, 2014 is going to set at 1.3607 for that this area will be acted as a minor support today. Consequently, the range of EUR/USD pair will be around 60 pips. So depending on previous events, the EUR/USD pair will move between the levels of 1.3680 and 1.3590 on May 9, 2014. Therefore, it will probably start upside movement at 1.3590 and recovery again. Thereupon, it will be a good sign to buy at this spot with the first target of 1.3640 and second target at the level of 1.3676 to form the double top and continue towards 1.3711 (it should be noted that this level will form the weekly resistance 1) tomorrow. On the other hand, in case of a break of 1.3540, a good place for stop loss will be below 1.3520.

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

 

[bhanu545]

Weekly technical levels of GBP/USD for June 9-13, 2014

Trading recommendations: According to the previous events, the GBP/USD pair has still trapped between 1.6840 and 1.6780. Sell below the level of 1.6864 which represents the weekly resistance 1 with the first target at the 1.6790 price. Moreover, if the trend does not fail to close below the level of 1.6780, It will call for downtrend in order to continue its bearish movement towards 1.6732 in order to test this strong support (it should be noted that the price of 1.6720 is going to form the weekly support 1). At the same time, the stop loss should be placed at the level of 1.6883.

Intraday technical levels:
Date and time:9/06/2014 12:15
Pair: GBP/USD
Projected high:1.7071
Breakout (buy stop):1.7016
Strong resistance (sell limit):1.6986
Current pivot:1.6770
Strong support (buy limit):1.6554
Breakout (sell stop):1.6529
Projected low:1.6479

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

 

[bhanu545]

Intraday technical levels and trading recommendations on EUR/USD for June 10, 2014

The price zone 1.3800-1.3880 (dotted on the chart) provided considerable SUPPLY for the EUR/USD pair. This price zone managed to pause the ongoing bullish momentum above the depicted bullish trendline. Thus, a Double Top reversal pattern was established with a neckline located at 1.3700. This reversal pattern has already hit its projection levels. On the other hand, we should highlight Thursday's bullish engulfing daily candlestick which emerged off 1.3500 (may pause the ongoing bearish momentum). Now the pair is roughly trapped within a congestion zone extending between 1.3560 and 1.3700. However, there's a bearish attempt of breakout below 1.3560. If so, price level around 1.3480 then 1.3440 will be exposed for retesting shortly after. On the other hand, if bullish pressure emerged off the current levels and managed to fixate again above 1.3560, the pair would probably visit the upper limit of the congestion zone around 1.3700.

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

 

[bhanu545]

Intraday technical levels and trading recommendations on GBP/USD for June 10, 2014

The bulls managed to record a higher value above the recent one at 1.6900. However, the ongoing demand has been fulfilled around 1.6920 which led to a price decline again. Bearish breakdown of 1.6825-1.6800 (which means breakdown of the previous congestion zone as well) exposed price level of 1.6740 for breakdown. Price zone of 1.6750-1.6770 corresponded to lower limit of the ongoing channel. However, it has been broken down previously during last week's consolidations. This enhances the bearish momentum on the short-term prospective as long as the bears remain defending 1.6800 and also provided a valid SELL opportunity at retesting that took place yesterday and earlier today. Stop loss should be set as daily closure above 1.6840. Management of the bears to maintain 4H fixation below this price zone suggests a bearish limb towards 1.6650 resuming the bearish movement within the depicted bearish channel.

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

 

[bhanu545]

Technical analysis of EUR/USD for June 11, 2014

Overview: The daily pivot point of the EUR/USD pair has set at the level of 1.3540.
The level of 1.3540 is representing the weekly support 1.
Consequently, the market has still been calling for downward because the price has set below the weekly pivot point at 1.3007 since Monday.
Accordingly, if the trend fails to close above the level of 1.3550, then it will be a good opportunity to sell below his area with the first target at 1.3504 in order to test the double bottom in H1 chart, then it will be continued in downtrend towards 1.3435 (this level is going to represent the weekly support 2).
However, the stop loss should always be taken in account because it should never exceed your maximum exposure amounts.
Thus, the best location to set your stop loss should be placed above the level of 1.3010.

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

 

[bhanu545]

Technical analysis of GBP/USD for June 11, 2014

Overview: The price of GBP/USD pair was not stable because the trend has been moving between 1.6720 and 1.6825 since June 3, 2014. Accordingly, it is of the prudence to be careful in this area. So, the first step is waiting in this spot before investing this pair. Therefore, it will probably that the GBP/USD pair is going to start showing the signs of bullish market at the level of 1.6803. In other words, it will be a good sign to buy above the price of 1.6803 with the first target of 1.6842 in order to test the double top and it will call for uptrend to continue its bullish movement towards 1.6881 for forming a new top in H1 chart. On the contrary, If the pair could break the level of 1.6753. Consequently, the market will indicate a bearish opportunity at the spot of 1.6750. Moreover, the level of 1.6750 is representing a minor support for that it is providing a clear signal for sell deals with the targets seen at 1.6720 and 1.6680.

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

 

[bhanu545]

Technical analysis of EUR/USD for June 12, 2014

TODAY's TECHNICAL LEVELS:
Breakout BUY Level: 1.3602.
Strong Resistance:1.3594.
Original Resistance: 1.3851.
Inner Sell Area: 1.3568.
Target Inner Area: 1.3536.
Inner Buy Area: 1.3504.
Original Support: 1.3491.
Strong Support: 1.3478.
Breakout SELL Level: 1.3470.
DESCRIPTION:
Today EUR/USD has support and resistance at 1.3491 and 1.3851. The rate is accompanied by strong support at 1.3478 and by 1.3594 as strong resistance. If EUR/USD breaks out and closes below the 1.3470 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3602 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 1.3504 and at 1.3568, a SELL position. In this case both targets should be placed at the level of 1.3536.

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

 

[bhanu545]

Technical analysis of GBP/USD for June 12, 2014

Overview: The trend movement was controversial as it took place in the narrow sideways channel. Due to the previous events, the price of GBP/USD will move in the midst of 1.6864 and 1.6753, so it is recommended to be careful while making deals in this zone. Therefore, it is necessary to wait till the sideways channel is passed through. Then the market will probably show the signs of a bullish trend. In other words, buy deals are recommended above the 1.6733 level with the first target at the level of 1.6840. From this point, the pair is likely to begin an ascending movement to the point of 1.6864 and further to the level of 1.6925 (it will act as strong resistance for this week). However, if the pair fails to pass through the level of 1.6870, the market will indicate bearish opportunity below the resistance level of 1.6870. In this regard, sell deals are recommended lower than the 1.6870 level with the first target at 1.6790. It is possible that the pair will turn downwards continuing the development of the bearish trend to the level 1.6763 then 1.6692 (the double bottom). It should be noted that the weekly resistance 2 is at the level of 1.6637. If you have sold below 1.6870, then you have to place a stop loss at 1.6930.

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

 

[bhanu545]

Technical analysis of EUR/USD for June 13, 2014

Today EUR/USD has support and resistance at 1.3504 and 1.3594. The rate is accompanied by strong support at 1.3491 and by 1.3607 as strong resistance. If EUR/USD breaks out and closes below the 1.3483 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3615 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 1.3517 and at 1.3581, a SELL position. In this case both targets should be placed at the level of 1.3549.

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

 

[bhanu545]

Technical analysis of GBP/USD for June 13, 2014

According to the previous events, the price of GBP/USD pair has still been trapped between 1.6866 and 1.6955. The minor resistance has set at the level of 1.6960. The level of 1.6991 is representing strong resistance today (June 13, 2014). Also, it should be noted that the price of 1.6991 is coinciding with the ratio of 100% Fibonacci retracement levels. So, the market is going to call in uptrend for that the trend will try to break the resistances (1.6960 - 1.6991). Therefore, buy above the level of 1.6870 in the long term with the first target of 1.6960, it might resume to 1.6991 if the trend is able to break the minor resistance at 1.6956.

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

 

[bhanu545]

Technical analysis of EUR/USD for June 16, 2014

Today EUR/USD has support and resistance at 1.3491 and 1.3581. The rate is accompanied by strong support at 1.3478 and by 1.3594 as strong resistance. If EUR/USD breaks out and closes below the 1.3470 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3602 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 1.3504 and at 1.3568, a SELL position. In this case both targets should be placed at the level of 1.3536.

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

 

[bhanu545]

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

The bottoms around 1.6465 and 1.6555 (corresponding to the depicted uptrend line) prevented further bearish decline and provided enough buying pressure to keep pushing higher. However, the bullish momentum wasn't strong enough to allow the bullish breakout above 1.7000 to pursue towards further targets. Instead, this breakout lost its bullish momentum showing successive lower highs as depicted on the chart. Again last week, the GBP/USD pair showed bullish recovery after testing 1.6690 which was followed by strong bullish pressure being applied. This pushed the pair again towards retesting of 1.6980-1.7000 (prominent top established on May 6). If the bears keep preventing any bullish breakout above 1.7000, the pair will have obvious targets around 1.6900 initially then 1.6850 to be followed (depicted on the 4H chart).

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

 

[bhanu545]

Intraday technical levels and trading recommendations on EUR/USD for June 17, 2014

The price zone 1.3800-1.3880 (dotted on the chart) provided considerable SUPPLY for the EUR/USD pair. This price zone managed to pause the bullish momentum that originated off the depicted bullish trend line. Thus, a Double Top reversal pattern was established with a neckline located at 1.3700. This reversal pattern has already hit its projection levels. On the other hand, we should highlight Thursday and Yesterday's bullish engulfing daily candlesticks which emerged off 1.3500 (the lower limit of the ongoing 4H channel) thus fixating again above 1.3560 ( Key-Level corresponding to previous prominent bottom ). Thus, the EUR/USD bulls finally achieved bullish breakout above 1.3560 thus escaping the previous congestion zone between 1.3560 - 1.3480. The pair would probably visit the upper limit of the depicted channel around 1.3650-1.3660 which corresponds to the breakout projection target as well. Price action should be watched around 1.3660 to determine the next destination of the EUR/USD pair.

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

 

[bhanu545]

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

Bullish breakout above the symmetrical triangle took place thus exposing price levels around 1.6985 as a projection target. Simultaneously, daily closure above 1.6820 took place enhancing bullish impulse towards 1.6900 and 1.7000. The GBP/USD bulls are now challenging Psychological resistance around 1.7000 which got visited before on May 6 when extensive bearish pressure was applied then. A bearish corrective movement is now expected to take place towards 1.6830-1.6860 as long as the recent high around 1.7000 remains defended by the bears. Price levels of 1.6860 constitutes a significant support level to meet the pair on its way downwards.

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

 

[bhanu545]

Technical analysis of EUR/USD for June 18, 2014

Today EUR/USD has support and resistance at 1.3502 and 1.3592. The rate is accompanied by strong support at 1.3489 and by 1.3605 as strong resistance. If EUR/USD breaks out and closes below the 1.3481 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3613 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 1.3515 and at 1.3579, a SELL position. In this case both targets should be placed at the level of 1.3547.

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