MG Network

something big isHappening!

In the mean time you can connect with us with via:

Copyright © Money Grows Network | Theme By Gooyaabi Templates

Money Grows Network

Archive

Powered by Blogger.

Welcome To Money Grows Network

Verified By

2006 - 2019 © www.moneygrows.net

Investments in financial products are subject to market risk. Some financial products, such as currency exchange, are highly speculative and any investment should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only.

Popular

Pages

Expert In

Name*


Message*

Intraday technical levels and trading recommendations for EUR/USD for October 8, 2015

eurmonth.png

The pair moved lower after breaking below major demand levels around 1.2100 and 1.2000 where historical bottoms were previously established back in July 2012 and June 2010.

EUR/USD bears have already pushed the price slightly below the monthly demand level of 1.0550 (established in January 1997). Bullish recovery was observed shortly after.

April's candlestick came as bullish engulfing one. However, the next monthly candlesticks (May, June, July, and August) reflected the recent bearish rejection, which exists around the level of 1.1450.

In the long term, a projected target is still seen at 0.9450 if a bearish breakdown of the monthly demand level at 1.0550 occurs soon.

On the other hand, a bullish corrective movement towards 1.1500 can take place only if the monthly high at 1.1465 gets breached.

It can be achieved if the current monthly candlestick closes above the weekly high of 1.1465 by the end of the current month (Low probability considering September's Monthly candlestick which is obviously bearish).

1444308939_eurdaily.png

Multiple ascending bottoms were established around the levels of 1.0830 and 1.1020. These levels corresponded to the current daily uptrend depicted on the chart.

Continuous bullish pressure took place until significant bearish resistance was faced around the levels of 1.1480 and 1.1700.

The market looked overbought as bulls were pushing the price further beyond the level of 1.1500 (daily supply level).

Hence, a bearish movement towards the level of 1.1150 (61.8% Fibonacci level) took place, which provided evident bullish rejections several times in a row (note the recent daily candlesticks during last week's consolidations).

On the other hand, the intraday supply zone of 1.1360-1.1400 provided significant bearish rejection. An intraday sell entry was suggested with T/P levels placed at 1.1150 (achieved) and 1.1050 (yet to come).

Daily persistence below the level of 1.1150 (61.8% Fibonacci level) is needed to expose the next demand level around 1.0980 where the daily uptrend comes to meet the EUR/USD pair.

Conservative traders should wait for a bearish correction towards the zone of 1.0980-1.1000 (the depicted uptrend line) for a low-risk buy entry. S/L should be placed below 1.0950.

T/P levels should be placed at 1.1080 and 1.1160.

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