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

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Bearish pressure was applied earlier around 1.2800-1.2840 where the depicted head and shoulders reversal pattern was established.


Daily fixation below 1.2490-1.2500 (the origшт of the previous bullish swing expressed one month ago) extended the bearish targets towards the price level of 1.2250.


Last week, after bears could fixate below 1.2360, the EUR/USD pair has shown bullish recovery again above it due to the lack of bearish pressure below 1.2255.


The price level of 1.2200-1.2250 remains under bearish pressure as long as the bearish spikes established at the price levels of 1.2500 and 1.2565 remain defended by bears.


Risky traders should note that bearish breakout below 1.2250 exposes a potential projection target located around the price level of 1.2100.


Until then, conservative traders should remain considering price zone of 1.2250-1.2220 as an important DEMAND zone for low-risk LONG entries (backside of the previous broken channel as well as the previous WEEKLY low).


The material has been provided by InstaForex Company - www.instaforex.com

Silver daily analysis for December 19, 2014

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Overview


As shown in today's 4H chart, the metal failed to break the support level of 15.70 yesterday and reversed its downward trend to trade below the resistance level of 16.00. Currently, it is bouncing from the support level and starting a bullish move. So we still suggest waiting for closing above the resistance level of 16.00 to give us a new opportunity for more buy signals with the first target few pips below the resistance level of 16.50. Then after breaking this resistance level, silver would open the way towards the resistance level of 16.75, which means more bullish signals, but as long as the metal trades below the resistance level of 16.00, it cancels the bullish scenario.


Resistance and support levels: R3 (16.75), R2 (16.50), R1 (16.00), S1 (15.70), S2 (15.40), S3 (15.00).


The material has been provided by InstaForex Company - www.instaforex.com

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

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Last week, the GBP/USD pair found intraday DEMAND around 1.5550 where many lows were previously established back in November.


Moreover, previous multiple bottoms were established above 1.5550-1.5580, rendering it a prominent DEMAND zone.


The DAILY outlook favors the bullish scenario initially towards 1.5800, then towards 1.6920 (previous consolidation range low) provided that bulls keep defending the lower limit of the current consolidation range around 1.5550.


Another less probable scenario: a bearish flag pattern that waits for a bearish breakout below 1.5550 (similar to what happened back in October). Projection target would be located around the price level of 1.5200.


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The current outlook is bearish on the 4H chart. Successive lower highs and lows have been established before the current ranging movement started to occur.


A consolidation movement ranging between the price levels of 1.5770 and 1.5550 took place. It represents state of indecision in the market after such a long bearish rally that started off 1.7100 and 1.6500.


Intraday traders should wait for bullish pull-back towards the recent SUPPLY zone located around 1.5775-1.5810 for a low-risk SHORT position.


Risky traders should note that bearish breakout below 1.5550 directly exposes potential bearish projection targets around 1.5330.


The material has been provided by InstaForex Company - www.instaforex.com

Daily analysis of GBP/JPY for December 19, 2014

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Overview


Proceeding from the today's 4H chart, the pair is still trading between the support level of 185.80 and the resistance level of 186.70, and currently the pair fails again to break the resistance level. If the pair breaks it to take an upward movement, it might continue its bullish trend, and we will get a good opportunity to buy above the resistance level of 186.70 again untill the closure of 4H above the resistance level of 187.70 as a level target. Then we should wait for breaking this resistance level to continue the upward move and open the way towards the resistance level of 188.50. On the other hand, if the pair failed to break the resistance level of 186.70 and bounces from it, it may take a downward trend, which will enable the support level of 185.80 again. Therefore we suggest waiting for the next closing before making the decision.


Resistance and support levels: R3 (188.50), R2 (187.70), R1 (186.70), S1 (185.80), S2 (185.00), S3 (184.40)


The material has been provided by InstaForex Company - www.instaforex.com