Intraday technical levels and trading recommendations for EUR/USD for January 30, 2015

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The market has been pushing lower aggressively after breaking below the major DEMAND LEVELS around 1.2100 and 1.2000 where historical bottoms were previously established back in July 2012 and June 2010.


The pair has lost almost 800 pips since the beginning of 2015. Moreover, theoretical long-term bearish targets would be located near 0.9450, especially if the current monthly breakout below 1.2000 maintains its bearish momentum until the end of January.


During the past few weeks, EUR/USD bears have been challenging historical lows that were established back in 2005 and 2003. Some bullish recovery is finally being witnessed this week.


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On the daily chart the market looks oversold below the price level of 1.2000 and 1.1900 (prominent psychological SUPPORT and the lower limit of the movement channel on the daily chart).


As it was suggested in the previous articles, conservative traders should be waiting for a bullish pullback looking for better prices to SELL the pair off (R1 at 1.1550 and R2 at 1.1700).


The price zone of 1.1540-1.1600 is a recently established SUPPLY zone. Short-term SELL positions can be taken there. Stop loss should be placed slightly above the price level of 1.1680.


On the other hand, persistence below 1.1385-1.1400 (previous daily HIGHs) exposes the recent lows around 1.1110 for retesting.


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

Intraday technical levels and trading recommendations for GBP/USD for January 30, 2015

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The previous consolidation movement extended between the price levels of 1.5550 and 1.5770, it represented a period of indecision of the market after such a long bearish rally that started off 1.7100 and 1.6500.


Bearish breakout below 1.5550 directly exposed lower targets. Bears have already reached the price levels of 1.5050 and 1.4960 which have not been visited since July 2013.


As it was suggested in the previous articles, conservative traders should wait for a bullish pullback towards the recent SUPPLY zone around 1.5370-1.5450 for a low-risk SELL entry.


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The market has already pushed further below the price level of 1.5140 (projection target of the previous bearish breakout) reaching the lower limit of the depicted bearish channel around 1.5000.


On January 8, the GBP/USD pair has shown initial bullish recovery off the price level of 1.5050. Since then, the pair has trapped within a consolidation zone ranging between 1.4960 and 1.5230.


The daily closure below 1.4960 renders the current movement as a bearish FLAG pattern similar to what happened back in December 2014. Projection targets would be located around 1.4750.


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

GBP/USD intraday technical levels and trading recommendations for January 30, 2015

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Overview:


The daily closure below the recent bottoms located around 1.5540-1.5560 rendered the previous consolidation range as a bearish flag pattern with projection target at 1.5300.


The market has already pushed further below this level reaching down to 1.5030-1.4980 where the lower limit of the channel has been providing support for the pair over the past few weeks.


Earlier this week, bullish recovery was manifested on the daily chart. A temporary bullish breakout above the upper limit of the short-term flag pattern took place.


The H4 chart shows transition into a sideway movement with mild bearish tendency, maintained within the depicted sideway channel.


The key-support level for today is the price level of 1.5030 (yesterday's low). Breakout below 1.5025 exposes the lower limit of the current ranging movement located around 1.4920 where bullish recovery should be anticipated.


Trading recommendations:


A short-term LONG position may be considered at retesting of price zone of 1.4920-1.4900. Target Levels should be located at 1.5030, 1.5100 and 1.5150.


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