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

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The price zone of 1.3800-1.3880 (dotted on the chart) managed to pause the previous bullish momentum, thus initiating the current downtrend within the depicted bearish channel.


Several congestion zones were established around the price levels of 1.3515 and 1.3335 before further bearish decline could take place.


On Wednesday, the EUR/USD pair showed bullish recovery around price level of 1.2860. Successive bullish daily candlesticks are being expressed around these price levels.


For three days now, the pair has established one more congestion zone around the lower limit of the depicted channel. High incidence of bullish reversal is present as long as the daily low around 1.2850 remains defended by the bulls.


On the other hand, a bearish engulfing daily candlestick for today signals severe weakness of the bulls. This would enhance the bearish trend towards 1.2750 and 1.2680 as initial target levels.


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Recent bullish recovery is witnessed on the chart. A possible bullish Head and Shoulders pattern was established with projection target located at 1.3075. However, manifestations of bearish domination of the short-term market is manifest on the chart.


The current short-term bearish trend remains intact as long as bears keep defending the price zone around 1.2995 (the recent weekly high). Moreover, another descending high was established Today around 1.2920.


Bearish slide below 1.2850 invalidates the possibility of a bullish reversal. Thus, bearish decline towards 1.2750 and 1.2680 would be expected then ( A bearish Flag pattern ).


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

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After testing price levels around 1.7180 in July, the bears initiated the manifested downtrend which is maintained within the depicted bearish channel.


Despite the weekly closure at 1.6324 (achieved on Friday) , the pair opened with a bearish gap of about 150 pips. This enabled the bears to test 1.6058 shortly after ( on Tuesday ).


Significant bullish recovery was manifested around 1.6070. Bullish engulfing daily candlesticks were expressed during this week shooting towards 61.8% Fibonacci level located around 1.6400.


Price level of 1.6400 stands as a prominent daily resistance. This price zone corresponds to 61.8% Fibonacci level as well as the upper limit of the current movement channel.


The bearish scenario is enhanced by current shooting-star daily candlestick when the pair spoke up to 1.6515 earlier today.


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The GBP/USD pair has been down-trending for almost one month. Moreover, evident bearish momentum keeps pushing lower without significant bullish correction.


As expected, bullish fixation above price level of 1.6150 ( Tuesday's highest level ) and 1.6275 (neckline of the 123 reversal pattern) allowed a bullish corrective move to take place towards 1.6350 and 1.6410 ( 61.8% Fibonacci Levels ).


This bullish movement was enhanced by the updates in the independence of Scotland voting, which showed the superiority of the votes that said "no" and therefore Scotland will remain in the United Kingdom.


Technically, a valid SELL entry is suggested at retesting of price levels around 1.6410. 4H fixation below 1.6330 is essential to pursue the current bearish movement.


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Daily analysis of Silver for September 19, 2014

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Overview


According to our last week expections, the price’s close below the Resistance level of 18.50 would give new opportunities for sell signals. As shown in the attached H4 chart, the metal has failed to break the Resistance level of 18.50 and bounced from it. Currently, the metal is trying to break the Support level of 18.30 which is tested now in order to continue its bearish move. On the otherhand, the metal's rebound from the Support level of 18.30 cancels the bearish scenario.


Resistance and support levels: R3 (19.00), R2 (18.75), R1 (18.50), S1 (18.30), S2 (18.00), S3(17.75)

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Elliott wave analysis of EUR/NZD for September 19 - 2014

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Today's support and resistance levels:


R3: 1.5877


R2: 1.5856


R1: 1.5827


Current spot: 1.5821


S1: 1.5790


S2: 1.5772


S3: 1.5765


Technical summary:


The correction from 1.5949 has turned out to be more complex than first anticipated. We could see a move slightly lower to 1.5765 before the next impulsive rally higher is expected. In the short term, a break above minor resistance at 1.5847 and more importantly a break above 1.5900 will indicate, that the correction is over for a new strong rally higher towards 1.6203 and 1.6450 longer term.


Trading recommendation:


We are long in EUR from 1.5550 with stop placed at 1.5750. If you are not long in EUR yet, then buy near 1.5765 with the same stop at 1.5750.


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Elliott wave analysis of EUR/JPY for September 19 - 2014

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Today's support and resistance levels:


R3: 141.21


R2: 140.71


R1: 140.35


Current spot: 140.24


S1: 140.01


S2: 139.84


S3: 139.62


Technical summary:


The expected rally towards 143.79 is unfolding perfectly and we will now be looking for support near 139.84 for the next rally higher towards 143.79. In the short term, a break above minor resistance at 140.83 will confirm the next rally higher to 142.38 on the way higher to strong important resistance at 143.79. Only a break above 143.79 confirms, that we should expect much more upside.


Trading recommendation:


We are long in EUR from 135.95 with stop place at 138.50. If you are not long in EUR yet, then buy near 139.84 with the same stop at 138.50.


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Technical analysis of GBP/USD for September 19 2014

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Trading recommendations :



  • The resistance of the GBP/USD pair has already set at 1.6520 and a minor resistance place at the level of 1.6400.

  • Furthermore, it will be quite profitable to sell below this level (1.6400) for retesting this level in the long term.

  • Therefore, sell deals are recommended below 1.6400 with targets at 1.6333 (the level of 1.6333 represents the last opining gap) and resume towards the level of1.6278 to reach a strong support on 19th of September 2014.

  • On the contrary, the support is going to set at the level of 1.6278 today.

  • Consequently, the ascending movement will probably be higher than the 1.6278 level with the target at the key price 1.6360.



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Notes :



  • We expect a new range about 85 pips today. The key level will set at the level of 1.6360.

  • The support of the GBP/USD pair has already set at 1.6278. Moreover, the weekly support 1 will set at the same level.


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Technical analysis of EUR/JPY for September 19, 2014


Technical outlook and chart setups:


The EUR/JPY chart rallies past 141.00 levels today before pulling back sharply towards 140.37 at the moment. The pair has completed/achieved the initial expected targets up to 139.90 for now. It is recommended to book profits on long positions taken earlier and wait for a correction to go long again. Furthermore, the outer trend line resistance is also passing around 141.10/20 for now. The pair is expected to correct at least till 139.00/20 levels before resuming rally towards potential higher targets at 141.50 and 143.30 as depicted here. Immediate support on the daily chart is around 138.50, while resistance is now seen at 142.50 levels.


Trading recommendations:


Exit long positions and look to enter again on dips.


Good luck!


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Technical analysis of USD/CHF for September 19, 2014

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Trading recommendations :



  • According to the previous events, the USD/CHF pair has still been moving between 0.9340 and 0.9415.

  • So, we expect a large range about 75 pips in the coming future.

  • The breakout seen at the ratio of 23.6% Fibonacci retracement level (in H1 chart) for that the key level is set at the level of 0.9320 because it represents strong support and it coincides with the 23% Fibonacci retracement level.

  • As it is known, history will probably repeat itself at this level again.

  • Therefore, it will a good idea to buy above 0.9320 with the first target of 0.9380. It will call for an uptrend in order to continue its bullish movement towards the level of 0.9425.

  • Also, it should be noted that the level of 0.9432 represents the double top.

  • On the other hand, the stop loss should never exceed your maximum exposure amounts, consequently the stop loss should be placed below the double bottom at the price of 0.9285.



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Technical analysis of EUR/JPY for September 19, 2014

General overview for 19/09/2014 10:00 CET


The impulsive structure is almost completed as the market enters the corrective cycle in green wave (iv). The first support level for this wave is at the level of 140.20 and the second support is at the level of 139.82. The shape of the corrective cycle is currently unknown, but the triangle is a rather possible outcome. When the correction is done, market should rebound and make a new high.


Support/Resistance:

141.58 - WR2

141.20 - Intraday Resistance

140.76 - WR1

140.20 - Intraday Support

139.82 - Intraday Support

138.30 - Weekly Pivot

138.25 - 138.41 - Supply Breakthrough Zone


Trading recommendations:

Day traders might consider opening the buy positions from the level of 140.20 with SL below the level of 139.80 and TP at the level of 141.58.

Swing traders should buy the dips in this market with initial SL below the level of 138.24 and open TP. eurjpy_h1.jpg


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Technical analysis of GBP/CHF for September 19, 2014


Technical outlook and chart setups:


The GBP/CHF pair has broken put of resistance levels at 1.5350 today and fresh highs been registered at 1.5450, triggering stops. As seen on the daily chart view here, the pair has bounced off the fibonacci 0.382 support levels (1.4975) of the rally between 1.4450 and 1.5430. Immediate support is now at 1.4975, followed by 1.4760/70 and lower. The pair could extend the rally into the 1.56/57 levels in coming sessions. It is recommended considering intraday dips towards 1.5150/5200 levels as opportunities to go long, as bulls should now remain in control till prices remain above 1.4970/80. Only a break below 1.4975 should be of any concern to the bullish setup.


Trading recommendations:


Consider going long around 1.5250/1.5350.


Good luck!


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Technical analysis of USD/CAD for September 19, 2014

General overview for 19/09/2014 10:00 CET


As anticipated yesterday only a valid breakout below the intraday support at the level of 1.0925 would invalidate the current count, but the market bounced right back up to the intraday resistance at the level of 1.0963. The bullish count is still intact and traders need to wait for the market to breakout of the current trading range to confirm one of the counts.


Support/Resistance:

1.1097 - Swing Top

1.1037 - Weekly Pivot

1.1027 - Technical Resistance

1.0978 - WS1

1.0963 - Intraday Resistance

1.0924 - Intraday Support|Key Level|


Trading recommendations:

As long as the demand zone is not broken, the mid-term bias is still bullish so buying the dips in this pair is advised.

Day traders should consider opening the sell stop order from the level of 1.0922 with SL above the level of 1.0963 and TP at the level of 1.0838.


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#USDX Technical analysis for September 19, 2014

The Dollar index has made a pull back yesterday as expected to back test the break out area and is now heading higher towards our target of 84.75 and 85. Trend remains bullish and price remains above short-term support.


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The Dollar index has reached the Ichimoku cloud support at 84.25 as expected by our analysis posted yesterday. A bounce from that level has started and I expect to see new highs above 84.80 soon. The trend remains bullish as long as price is above 83.85.


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Red line= resistance


The Dollar index in the daily chart above remains in the fully bullish trend and although initially rejected at the resistance level, I expect this to be broken today. Support is at 83.85 and if broken on a daily close basis, we can see a pull back towards 83.15 at least.


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Gold Wave analysis for September 19, 2014

The bounce in Gold price from $1,215 is clearly corrective. The form of the rise in not impulsive and that is why I expect more downside pressures to push Gold price towards $1,200-$1,180. The trend remains downward according to the Ichimoku cloud 4-hour chart.


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Green line = channel


Red line = resistance


Blue line = support


The blue line is the support level at $1,230 that was broken. Price may make a final bounce towards that level but the trend remains fully bearish. The sideways consolidation we are currently in has a corrective form and I expect the down trend to continue. Price is making lower lows and lower highs. The red trend line resistance remains above current price, so does the Ichimoku cloud. All signs point lower for Gold price.


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Red line = resistance


Blue line = support


In the 30-minute chart above, we can see a bearish flag being formed. The form of this sideways movement is clearly corrective relative to the impulsive decline. Breaking below support at $1,219 will give me a sell signal and I will expect Gold price to move towards $1,200.


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Technical analysis of Silver for September 19, 2014


Technical outlook and chart setups:


Silver tested the multi-month range lows at $18.30 yesterday before pulling back sharply, taking out intermediary resistance ($18.55) on the hourly chart. As seen in the 4H chart view presented here, the metal needs to clear at least $19.00 level, to confirm that bulls are back in control. After $19.00 is taken out, the metal could be considered as safe to buy on dips from there. The metal is trading around $18.50/55 for now and an engulfing bullish candlestick pattern can be seen produced yesterday. This is a signal of a potential trend reversal, which would be confirmed on a break of $19.00. Immediate support is at $18.00/20, while resistance is seen at $19.00 for now.


Trading recommendations:


Remain flat for now, look to enter longs, after break of $19.00.


Good luck!


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Technical analysis of Gold for September 19, 2014


Technical outlook and chart setups:


Gold remains subdued between the $1,215.00 and $1,225.00 levels as seen in a 4H chart view here. Keeping the larger view in mind that the metal is trading around the 0.786 fibonacci support levels of the rally between $1,182.00 and $1,388.00, probability still remains that $1,180.00 could be retested before the rally resumes. As seen here, the metal needs to at least break above $1,240.00 levels (initial resistance), to declare that bulls are back in control. Gold would remain vulnerable towards fresh lows till $1,240.00 remains intact. Initial support is seen at $1,180.00/85.00, while immediate resistance is fixed at $1,240.00 for now.


Trading recommendations:


Remain flat for now, look to enter long.


Good luck!


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Daily analysis of major pairs for September 19, 2014

EUR/USD: The bearish bias on this pair is still valid and rallies have always proffered good short-selling opportunities. The current shallow rally in the market is also seen as another opportunity to go short when the price rallies in the context of a downtrend. As long as the price is below the resistance line at 1.3000, there is a probability that the market may move downwards.


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USD/CHF: This market is in a bullish mode and the buyers have always made attempts to drive the price higher in spite of serious challenges from bears. With more strength in the USD, the price may reach the resistance level at 0.9450. More challenges from the bears may cause the price to pull back towards the support level at 0.9300.


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GBP/USD: Unlike its EUR/USD counterpart, the Cable has succeeded in shrugging off the bears’ attacks. The EMA 11 is above the EMA 56 (while the price is above both of them). The RSI period 14 is above the level 50. This means a Bullish Confirmation Pattern in the chart. Short trades are no longer logical here.


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USD/JPY: The USD/JPY pair has been able to go further northward. The bullish bias is very significant and the price may easily test the supply level at 109.00, breaking it to the upside. However, the market looks very overbought and as a result of this, there may be a serious pullback along the way.


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EUR/JPY: The Euro itself is not that strong; it is the great weakness in the Yen that has caused this pair to trend upwards significantly. The market is now very overbought and therefore, a pullback is imminent. While the market can go towards the supply zone at 150.00, the possibility of a pullback may bring it down towards the demand zone at 139.50.


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Forecast of USD/CAD for September 19, 2014

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The pair has been trading in a corrective mood with holding the uptrend. The pair made a double top at 1.11 making some base around 1.0930-1.0927 levels. It means, the seller will be benefited only below 1.0925 only. The pair has strong supports below 1.0925 at 1.0914 and 1.0838 in the near and short term basis. We will see fresh buying will add above 1.11 towards 1.1135, 1.1150 and 1.12 levels.


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Intraday trading recommendations for Gold for September 19, 2014

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The metal was unable to breach the resistance at $1,242, again moving to lower levels to its near-term targets at $1,210, $1,200, $1,190, $1,185 and even $1,150 levels. We have been recommending selling on every up move from $1,276 levels. The metal has strong resistance at 20Dsma $1,256.60; until it closes below this, selling on an up move will mint the money. In a monthly timeframe, the metal was rejected twice at 20Dsma.


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For an intraday veiw, the metal is trading at $1,223.50 levels. The prices are below 12ema and 34hrsma, representing further bullishness. The metal has last support at $1,223, below this, weakness is expected again towards $1,218 and $1,215.50, below these, $1,210 and $1,200 levels. The metal has resistance at $1,226, $1,229 and $1,232.


Fresh safe buying only above $1,232.


Safe selling only below $1,215.


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Technical analysis of EUR/USD for September 19, 2014

When the European market opens, some economic news will be released such as German PPI m/m, Current Account. The US will release the economic data too such as the CB Leading Index m/m, so amid the reports, EUR/USD will move with low volatility during this day.


TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.2982.

Strong Resistance:1.2975.

Original Resistance: 1.2962.

Inner Sell Area: 1.2949.

Target Inner Area: 1.2919.

Inner Buy Area: 1.2889.

Original Support: 1.2876.

Strong Support: 1.2863.

Breakout SELL Level: 1.2856.



Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.


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Technical analysis of USD/JPY for September 19, 2014

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In Asia, Japan will release the All Industries Activity m/m, and the US will release some economic data such as CB Leading Index m/m. So there is a big probability the USD/JPY will move with low volatility during the day.


TODAY TECHNICAL LEVELS:

Resistance. 3: 109.67.

Resistance. 2: 109.45.

Resistance. 1: 109.24.

Support. 1: 108.98.

Support. 2: 108.77.

Support. 3: 108.55


Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.


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Daily analysis of USDX for September 19, 2014

Daily chart: The USDX has made a pullback near the level of 84.80, so this instrument could strengthen above the support level of 84.29 at the end of this week. Now, if the USDX does a pullback at current levels, it's expected to fall to the level of 83.74. The MACD indicator remains in negative territory.


USDXDaily.png

H4 chart: The USDX is trying to consolidate below the bearish trend line at the level of 84.47. Now, the next objective for the USDX would be the 84.00 level. If the USDX does a breakout at that level, it would be expected to fall to the level of 83.05, where the 200-day moving average is. The MACD indicator is entering negative territory.


USDXH4.png

H1 chart: The USDX has found strong resistance at the level of 84.81, so the USDX is trying to form a lower low pattern below the resistance level of 84.37. If the USDX manages to make a breakout at the support level of 84.18, the next target would be the level of 84.03 in the short term. The MACD indicator is entering oversold zone.


USDXH1.png


Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 84.18, take profit is at 84.03, and stop loss is at 84.33.


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Daily analysis of GBP/USD for September 19, 2014

Daily chart: The GBP/USD is waiting for the results of the referendum for the independence of Scotland, which possibly will be published during the European session today. This pair has made a breakout at the resistance level of 1.6447 and has filled in the bearish gap, so the next goal would be the level of 1.6540. The MACD indicator stays in positive territory.


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H4 chart: This pair is trying to touch the 200-day moving average in this chart, so far, the GBP/USD could begin to form a bullish pattern. If the GBP/USD manages to make a breakout at the resistance level of 1.6553, it's expected to that rise to the level of 1.6643 in the medium term. The MACD indicator stays in positive territory.


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H1 chart: The GBP/USD is forming a higher high pattern above the support level of 1.6464, after that this pair has had a bullish momentum above the strong support at the 1.6375 level on this chart. If the GBP/USD manages to make a breakout at the resistance level of 1.6507, the next goal would be the level of 1.6544. The MACD indicator stays in positive territory.


GBPUSDH1.png


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 is at 1.6507, take profit is at 1.6544, and stop loss is at 1.6470.


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Technical analysis of GBP/JPY for September 19, 2014

GBPJPYMonthly.png


The pair gave an upside breakout at 9-month resistance. Even though it breached in August unable to be sustained there, but this time it gave a potential breakout aiming for 183.50 and 185.60 levels. This view is valid with sl 174.75 on a closing basis. The pair breached the 200Msma holding above that. If the pair manages to close above 177.60 on a monthly closing basis, further bullishness will preform in the coming days and weeks. Below 17760, it has support at 175.355 and 174.75.


GBPJPYH4.png

For an intraday view, the prices are trading above 12ema and 35DEMA, representing further bullishness. The hourly moentum indicators are at extreme overbought zone at 90 levels. The hourly support levels are at 178.80, 178 and 177.40. Use a dip to buy. Until prices close below the neckline, use a dip to buy.


At the current market price fresh buying will not be advisable, use a dip to buy.


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Intraday trading recommendations for GBP/USD for September 19, 2014

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The Pound has given a stellar performance in yesterday's trade closing above 20Dsma. In todays session, the cable held the 20Dsma support and again moved higher, breached the 2-month descending trend line. The pair formed a triangle, and just breached the upper end of that, a daily close above the upper end of the triangle makes further bullish movement in the near term. Today, as of now, the cable made a high at 1.6460 and trading at 1.6422. The pair has resistance between 1.6586-1.6590 levels. A weekly close above these, makes it more bullish in the short term. On the down side, it has support at 1.6380.


Support 1.6380 1.6245 1.6160


Resistance 1.6440 1.6590 1.6625


GBPUSDH4.png

For an intraday view, the prices are trading above 12ema and 35DEMA, representing further bullishness. As we recommended in yesterdays articles, our upside target at 1.6380 was completed above 1.6280. The cable flew 200 pips from the buying level. The hourly and intraday support is at 1.6390, 1.6347 and 1.6325.


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GBP/USD intraday technical levels and trading recommendations for September 18, 2014

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In July 15, extensive bearish impulse was initiated. Since then, the GBP/USD pair has been downtrending limited by the depicted pattern.


Two successive bearish impulses were initiated around 1.7180 and 1.6630 corresponding to the upper limit of the depicted channel.


Price level of 1.6140 constitutes a prominent weekly support to meet the pair. Bullish rejection was witnessed in the recent daily candlesticks ( note the bullish engulfing daily candlestick which emerged on Thursday). This led to a bullish weekly closure ( above the weekly support level around 1.6250 ).


Retracement towards the price zone of 1.6350-1.6400 took place as expected where a new bearish impulse is expected to be applied offering a valid low-risk sell entry. Stop loss should be set as daily closure above 1.6410.


This price zone corresponds to the upper limit of the depicted channels as well as prominent Fibonacci level of the recent bearish impulse between 1.7180 and 1.6060.


This probably offers a valid SELL opportunity as long as the bears keep defending price level of 1.6400.


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

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In July 15, extensive bearish impulse was initiated. Since then, the GBP/USD pair has been downtrending limited by the depicted pattern.


Two successive bearish impulses were initiated around 1.7180 and 1.6630 corresponding to the upper limit of the depicted channel.


Price level of 1.6140 constitutes a prominent weekly support to meet the pair. Bullish rejection was witnessed in the recent daily candlesticks ( note the bullish engulfing daily candlestick which emerged on Thursday). This led to a bullish weekly closure ( above the weekly support level around 1.6250 ).


Retracement towards the price zone of 1.6350-1.6400 took place as expected where a new bearish impulse is expected to be applied offering a valid low-risk sell entry. Stop loss should be set as daily closure above 1.6410.


This price zone corresponds to the upper limit of the depicted channels as well as prominent Fibonacci level of the recent bearish impulse between 1.7180 and 1.6060.


This probably offers a valid SELL opportunity as long as the bears keep defending price level of 1.6400.


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