Wave analysis of GBP / USD for September 24. The pound hit down with news from the EU

analytics5ba893f715e32.png

Analysis of wave counting:

During the trades on September 21, the GBP / USD currency pair lost about 200 percentage points after an unsuccessful attempt to break through the level of 161.8% on the senior Fibonacci grid. Thus, the construction of a downward wave began, presumably 4. An unsuccessful attempt to break through the 50.0% Fibonacci level constructed by wave 3 will lead to the completion of wave 4. Significant importance now has a news background, since not the least role in the fall of the pound was played the EU summit, during which the EU and Britain could not advance in the negotiations, as later announced by Prime Minister Theresa May.

The objectives for the option with purchases:

1.3301 - 161.8% of Fibonacci (the senior grid)

The objectives for the option with sales:

1.3041 - 50.0% of Fibonacci

1,2982 - 61.8% of Fibonacci retracement

General conclusions and trading recommendations:

The GBP / USD currency pair supposedly completed the construction of wave 3. Wave 4 can also be completed if it takes a shortened view in the temporal sense of the word. However, it would be more logical to see a retracement from the level of 50.0% in Fibonacci, or from 61.8%. Such a retreat will be a signal of the readiness of the instrument to resume the construction of the upward trend section. In the implementation of this option, I recommend that you resume the pair purchases.

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

Wave analysis of EUR / USD for September 24. The rising wave 3 can take an even more complicated form

analytics5ba893cad7da9.png

Analysis of wave counting:

During the trades on Friday, the currency pair EUR / USD lost about 30 percentage points. An unsuccessful attempt to break through the 127.2% Fibonacci level led to the withdrawal of quotations from the peaks achieved. However, the proposed wave 3 may become even more complicated and continue its construction. Its internal wave structure is quite complex, so it can take an even more complicated look. An unsuccessful attempt to break the level of 100.0% will help to resume the rise of the pair

The objectives for the option with sales:

1.1525 - 0.0% of Fibonacci retracement

The objectives for the option with purchases:

1.1791 - 127.2% of Fibonacci retracement

1.1844 - 161.8% of Fibonacci

General conclusions and trading recommendations:

The currency pair still remains in the stage of constructing wave 3, a. Thus, I recommend buying a pair on the rebound from the level of 100.0% with targets that are near the estimated marks of 1.1791 and 1.1864. If the attempt to break through the level of 100.0% will be successful, the decline will continue, perhaps even within the downward correctional wave, presumably 4, a.

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

EUR and GBP: Italy's political risks are pressured by the euro. Theresa May crashed the pound

Overbought risky assets, disagreements in trade negotiations between the US, Canada, and Mexico, as well as fears that the draft budget of Italy will go beyond the permissible EU framework. All this had a negative effect on the European currency, which began to decline rapidly after the monthly maximum update paired with the US dollar. The British pound also collapsed on Friday after the speech of British Prime Minister Theresa May.

Fundamental indicators

Data released in the second half of the day on the US economy, slightly affected the quotes.

According to the report, activity in the US manufacturing sector in September this year showed a significant slowdown. According to the company IHS Markit, the preliminary composite index of supply managers PMI was at 53.4 points against 54.7 points last month. Let me remind you that the indicator above 50 points indicates an increase in activity.

As noted by IHS Markit experts, partial slowdown is associated with Hurricane Florence, while new orders and employment grew at a fairly significant pace.

analytics5ba88bae1f715.png

Trade agreement with Mexico

On Friday, it also became known that the administration of the White House can enter into a trade agreement with Mexico even without Canada participating in it. With such an address, the chairman of the Council of Economic Advisers under the US President, Kevin Hassett.

Hassett said that the US had a successful negotiation and reached an excellent deal with Mexico, which for both sides is more profitable than the current agreement on NAFTA. He expressed the hope of concluding such an agreement with Canada and the EU. The representative of the president was disappointed by the fact that Canada has not yet signed a trade agreement.

Italy

Additional pressure on risky assets has political risks associated with Italy. Let me remind you that this Thursday, the first draft of the budget of Italy will be presented, which can seriously disappoint the markets. The point is that the budget may largely diverge from the EU's Stability and Growth Pact. Experts are concerned that the pre-election promises of the new government can seriously affect the new budget, which will lead to overstepping the limits of allowable costs, which will increase Italy's public debt and leave room for fiscal maneuvers in the future.

Technical picture EUR / USD

As for the technical picture of the EUR / USD currency pair, it is best to buy back to purchases after a larger downward correction in risky assets, which was formed at the end of last week. The main support levels are located in the area of 1.1715 and 1.1680, from where a large surge of volume can be observed. Also in this span, the bulls will try to form the lower boundary of the short-term ascending channel, formed on the 10th of September.

British pound

The British pound collapsed against the US dollar after the British Prime Minister stated that negotiations on Brexit had reached a dead end.

May said that there are still differences on two important issues, one of which is the customs border with Northern Ireland, which the UK will never agree to. According to the Prime Minister, it is better not to reach an agreement at all than to reach a bad agreement on Brexit. The government expects respect from the EU, and unless a clear proposal is made, progress is unlikely to be achieved.

At the end of the speech, May said that even if an agreement was not reached, the rights of European citizens would be protected.

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

GBP / USD. 24th of September. The trading system "Regression channels". Negotiations on Brexit at the EU summit failed

4-hour timeframe

analytics5ba88a9c592b1.png

Technical data:

The senior channel of linear regression: direction - down.

The younger channel of linear regression: the direction is up.

Moving average (20, smoothed) - down.

CCI: -143.6352

The currency pair GBP / USD on Monday, September 24, continues the downward movement, which began on Friday. On Thursday, we already wrote that the information that negotiations on Brexit allegedly reached an agreement have not been confirmed. And on Friday, Theresa May issued an official statement summing up the results of the EU summit, in which she announced that the negotiations had reached a dead end. According to the British Prime Minister, it is the EU that is to blame for this, which rejected May's proposal and did not provide its alternative proposal. Thus, as before, two key questions remain unresolved: trade relations between the EU and Britain after Brexit and the border between Ireland and Northern Ireland. Conclusion: no agreements have been reached, as we wrote earlier, and the pound sterling completely logically fell down. It will continue to fall if May does not find a way to negotiate with the EU. And there are fewer and fewer chances for this every day. New concessions to May will cause even greater displeasure in the British Parliament and among the public. May's plan and so many are displeased, even inside her own Party. New concessions will further undermine the credibility of her. A group of dissatisfied with its conservative policies can withdraw its premier earlier than planned in April 2019. All this political crisis will continue to put pressure on the British pound.

Nearest support levels:

S1 = 1.3062

S2 - 1,3000

S3 - 1.2939

Nearest resistance levels:

R1 = 1.3123

R2 = 1.3184

R3 = 1.3245

Trading recommendations:

The currency pair GBP / USD overcame the removals. Thus, short positions with a target of 1.3062, which has already been worked out, are relevant. Overcoming this target will allow you to hold short positions with the next target of 1.3000.

Orders for purchase are recommended to be considered no earlier than the reverse fixing of the price above the removals for the purpose of 1.3184. But to do this, you need a strong fundamental foundation, and it's even hard to imagine what they can be.

In addition to the technical picture, one should also take into account the fundamental data and the time of their release.

Explanations for illustrations:

The upper channel of linear regression is the blue lines of unidirectional motion.

The junior channel is linear-violet lines of unidirectional motion.

CCI - the blue line in the regression window of the indicator.

Moving average (20; smoothed) - the blue line on the price chart.

Levels of Murray - multi-colored horizontal stripes.

Heikin Ashi is an indicator that color bars in blue or purple.

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

EUR / USD. 24th of September. The trading system "Regression channels". Will the Federal Reserve go on cooperation with Trump?

4-hour timeframe

analytics5ba88a634a57c.png

Technical data:

The senior channel of linear regression: direction - sideways.

The younger channel of linear regression: the direction is up.

The moving average (20; flattened) is up.

–°CI: 38.8128

The currency pair EUR / USD at the beginning of the new trading week continues to be adjusted, as indicated by the blue bars of the indicator Heikin Ashi. The purpose of correction is the moving average line. The rebound of the price from the moving-out will provoke the resumption of the upward movement, and the upward trend will be preserved. On Monday, September 24, no important macroeconomic reports are expected in either the States or the European Union. Thus, traders will have to rely on making trade decisions solely on technology. Volatility today can be lowered. Also, you should continue to monitor any reports from US President Donald Trump. His recent comments on the introduction of new trade duties for an unprecedented amount of $ 267 billion, which together with the previous sanctions will cover all imports from China, remained without reaction. This suggests that the market is tired of news on this topic and does not look so rosy in the future, expecting a serious positive effect for the US economy. Moreover, China does not go backward and does not concede to Trump in anything. From this point of view, the prospects for the US dollar now do not look as rosy as they did a month or two ago. Moreover, Trump seems to have taken up seriously the question of the high cost of the US dollar. Let's see what decision on the rate the Fed will take this week.

Nearest support levels:

S1 = 1.1719

S2 = 1.1658

S3 - 1,1597

Nearest resistance levels:

R1 = 1.1780

R2 - 1.1841

Trading recommendations:

The EUR / USD currency pair is corrected. The color of 1-2 bars by the indicator of Heikin Ashi in purple will signal about the possibility of opening new purchase orders with the target of 1.1780. The rebound of the price from the removals will also indicate the resumption of the upward movement.

Sell-positions can be opened after fixing the price below the removals. In this case, for some time, the trend for the instrument will change to a downward trend, and the first target for short positions will be 1.1658.

In addition to the technical picture, one should also take into account the fundamental data and the time of their release.

Explanations for illustrations:

The upper channel of linear regression is the blue lines of unidirectional motion.

The lowest linear regression channel is the violet lines of unidirectional motion.

CCI - the blue line in the indicator window.

Moving average (20; smoothed) - the blue line on the price chart.

Levels of Murray - multi-colored horizontal stripes.

Heikin Ashi is an indicator that color bars in blue or purple.

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

Weekly review of the GBP / USD currency pair from September 24 to September 29, 2018

Trend analysis (Figure 1).

On the weekly chart this week, the price of technical analysis will once again try to break through the resistance line of the rising channel of 1.3212 (white fat line). How much the probability of this scenario is likely will be shown by a comprehensive analysis.

gbpusd-w1-instaforex-companies-group.png

Fig. 2 (weekly chart).

Complex analysis:

- Indicator analysis - up;

- Fibonacci levels - up;

- Volumes - down;

- Candle analysis - down;

- Trend analysis - down;

- Bollinger lines - up;

- monthly graph - up.

Conclusion on the complex analysis is an upward movement.

The total result of the GBP / USD currency pair candlestick calculation by the weekly chart: the price for the week is likely to have an upward trend with the presence of the first lower shadow of the weekly white candle and the absence of the second upper shadow.

The first upper target is the rising channel resistance line of 1.3212 (white bold line).

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

Weekly review of the EUR / USD currency pair from September 24 to September 29, 2018

Trend analysis (Figure 1).

This week, the market may continue to move up, with the immediate goal of 1.1853, the upper fractal. To continue the upward trend, the price should overcome the recession level of 1.1781, otherwise it will go down in the side channel.

eurusd-w1-instaforex-companies-group-2.p

Fig. 2 (weekly chart).

Complex analysis:

- Indicator analysis - up;

- Fibonacci levels - down (blue dotted line);

- Volumes - upwards;

- Candle analysis - neutral;

- Trend analysis - up;

- Bollinger lines - up;

- Monthly graph - up.

Conclusion on complex analysis - up.

The calculation of the first shadow of the week (Monday) on a weekly chart.

Middle lines EMA 1/5/8 - the upper signal.

The indicator "three lines" (the direction of the lines of indicators CCI (5), RSI (5), stochastics with a period of 3/3/4) on the last run is a neutral signal.

The calculation of the system indicators RSI for the first tail - down.

The bottom line: a weekly candlestick calculation for indicator analysis showed that on Monday, the price may have a downward trend, which should be confirmed by the daily chart.

The calculation of the second shadow of the week (Friday).

The calculation for the MACD linear part gave an upward trend (100 points up).

The calculation of the MACD histogram gave an upward trend (100 points up).

The bottom line: the calculation of the last day of the week on technical analysis showed that on Friday, the price may have an upward trend, which should be confirmed by the daily chart.

The total result of the calculation of the candle currency pair EUR / USD on a weekly chart: the price of the week is likely to have an upward trend with the presence of the first lower shadow of the weekly white candle and the absence of a second upper shadow.

The nearest upper target is 1.1853, the upper fractal.

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

Analysis of EUR / USD Divergences on September 24. The double retreat led to the correction of the pair

4h

analytics5ba8831e59f7e.png

The currency pair EUR / USD 4-hour chart has performed a retreat from the correction level of 100.0% - 1.1791 and turning in favor of the US currency. As a result, on September 24, the process of falling can be continued in the direction of the correction level of 76.4% - 1.1675. Today, there is no visible divergence in any indicator. Hang up quotes on the level of Fibonacci 76.4% will allow traders to expect a reversal in favor of the EU currencies and a slight increase towards the 100.0% correction level.

The Fibo grid is built on extremes from July 9, 2018, and August 15, 2018.

Daily

analytics5ba883294682b.png

On the 24-hour chart, the pair's quotes increased to a correction level of 76.4% - 1.1789 and a cut-off from it. As a result, a reversal was made in favor of the US dollar and the process of falling towards the corrective level of 100.0% - 1.1553 began. Brewing divergences are not observed in any indicator. The consolidation of the rate over the Fibo level of 76.4% will work in favor of resuming growth towards the corrective level of 61.8% - 1.1938.

The Fibo grid is built on extremes from November 7, 2017, and February 16, 2018.

Recommendations for traders:

Purchases for the currency pair EUR / USD will be carried out with the aim of 1.1791 with Stop Loss order at the level of Fibonacci 76.4%, if the pair will perform a retreat from the correction level of 1.1675.

Selling of the currency pair EUR / USD can be done now with the aim of 1.1675 with Stop Loss order at the level of Fibonacci 100.0%, as the pair completed a retreat from the correction level of 1.1791.

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

Analysis of GBP / USD Divergences for September 24. The level of 1.3067 temporarily stopped the fall of the pair

4h

analytics5ba882e93d5d6.png

Without the formation of any signal, the currency pair GBP / USD executed a reversal in favor of the US dollar and falling to the level of Fibo 23.6% - 1.3067. Quits from this level will allow traders to expect a reversal in favor of the British pound and some growth in the direction of the correction level of 38.2% - 1.3316. There are no maturing divergences today. The consolidation of the pair's rate below the Fibo level of 23.6% will increase the probability of further decline in the direction of the correction level of 0.0% - 1.2662.

The Fibo grid is built on extremes from April 17, 2018, and August 15, 2018.

1h

analytics5ba882f1d62b6.png

On the hourly chart, the pair executed a reversal in favor of the US currency and secured a 127.2% - 1.3112 correction at the corrective level. Thus, on September 24, the drop in quotations may resume in the direction of the next Fibo level of 100.0% - 1.3043. Today, there are no visible divergence in any indicator. The pair's exit from the correction level of 100.0% will allow counting on a turn in favor of the English currency and a return to the correction level of 127.2%. Fastening the pair below the Fibo level of 100.0% will work in favor of a further fall.

The Fibo grid is built on extremes from August 30, 2018, and September 5, 2018.

Recommendations for traders:

Purchases of the GBP / USD currency pair will be possible with targets of 1.3112 and 1.3202 and a Stop Loss order under the correction level of 100.0% if there is a retreat from the Fibo level 1.3043 (hourly chart) or rebound from 1.3067 (23.6% on the 4-hour chart).

New sales of the GBP / USD currency pair will be possible with the target of 1.2982 and a Stop Loss order above the level of 100.0% if the pair completes closing below the Fibo level 1.3067 or 1.3043 (hourly chart).

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

GBP / USD: plan for the European session on September 24. British Prime Minister Theresa May crashed the British pound

To open long positions for GBP / USD, you need:

The British pound collapsed on Friday after British Prime Minister Theresa May stated that the government had come to a standstill in the negotiations on Brexit. At the moment, consider the long positions in the pound best after dropping to a large level of support 1.3027 or immediately to a rebound from 1.2981. The main task of buyers for the first half of the day will be growth and consolidation above the resistance of 1.3092, which will allow to count on a test of the maximum of 1.3149, where I recommend fixing the profits.

To open short positions for GBP / USD, you need:

While the trade is below 1.3092, the pressure on the pound will be maintained, and the formation of a false breakdown and the failure to secure this range in the first half of the day will signal the opening of new short positions to the pound in order to reduce support to 1.3027 and 1.2981, where I recommend fixing the profits. In the case of growth above 1.3092, you can sell the pound immediately to a rebound from the high of 1.3149.

Indicator signals:

Moving Averages

The 30-day moving average broke down the 50-day average, and the price returned under MA, indicating a downward trend in the pound.

Bollinger Bands

Consider buying pound is best after upgrading the lower boundary of Bollinger Bands around 1.3030.

analytics5ba8799944231.png

Description of indicators

MA (average sliding) 50 days - yellow

MA (average sliding) 30 days - green

MACD: fast EMA 12, slow EMA 26, SMA 9

Bollinger Bands 20

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

EUR / USD: plan for the European session on September 24. Traders are waiting for new statements by ECB President Mario Draghi

To open long positions for EUR / USD, you need:

I do not recommend rushing with euro purchases. The optimal scenario for opening long positions will be the reduction and update of the support level in the area of 1.1717 or 1.1687, where large players will return to the market. The main attention today should be given to a number of data on Germany, which could lead to an increase in EUR / USD and a return to resistance at 1.1763, above which it is possible to increase long positions in order to update the last week's high at 1.1801, where I recommend fixing the profits.

To open short positions for EUR / USD, you need:

As for the sellers of the euro, they need a false breakdown from the resistance level of 1.1763, which will lead to a new wave of decline and renewal of support 1.1717 with a minimum test of 1.1687, where I recommend fixing the profits. In the case of good fundamental statistics for Germany, which is expected today in the morning, a breakout of resistance 1.1763 could lead to a renewed wave of euro growth. In such a situation, selling is best for a rebound from the high of 1.1801 and 1.1830.

Indicator signals:

Moving Averages

The 30-day moving average and the 50-day average are directed upwards, but gradually converge with each other, and the trade is conducted under them. Talk about the resumption of the uptrend can only be after the return of the price of moving averages.

Bollinger Bands

Support for euro buyers will be the lower border of the bands in the area of 1.1717, where you can open long positions.

analytics5ba876d1d6943.png

Description of indicators

MA (average sliding) 50 days - yellow

MA (average sliding) 30 days - green

MACD: fast EMA 12, slow EMA 26, SMA 9

Bollinger Bands 20

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

Intraday technical levels and trading recommendations for GBP/USD for September 24, 2018

analytics5ba8cee11fa82.png

On September 13, the GBP/USD pair was testing the depicted downtrend line which came to meet the pair around 1.3025-1.3090. Since then, the pair has been demonstrating a successful bullish breakout so far.

This price zone (1.3025-1.3090) also corresponds to 50% and 61.8% Fibonacci levels. Currently, this price zone turned to become a prominent demand zone to be watched for bullish price action.

However, On H4 chart, the market failed to maintain its uptrend within the depicted bullish channel on H4 chart. The lower limit of the depicted channel (which came to meet the GBP/USD pair around 1.3190) failed to offer sufficient bullish demand.

As long as the recent bullish breakout above 1.3090 (Demand level-1) is maintained on a daily basis, further bullish advancement should be expected towards 1.3300 and 1.3390 (reversal pattern final target).

On the other hand, the price level of 1.3190 now constitutes a short-term supply level (the backside of the broken bullish channel) where some bearish rejection can be anticipated.

Moreover, any bearish decline below 1.3090 (Demand level-1) will probably invalidate the bullish scenario for the short-term. Hence, the pair would have lower targets around 1.3010 (Demand level-2).

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

GBP/USD analysis for September 24, 2018

analytics5ba8c0cd6127c.png

Recently, the GBP/USD has been trading downwards. The price tested the level of 1.3054. According to the M30 time frame, I found the impulsive breakout of the well-defined upward channel in the background, which is a sign that sellers are in control. Most recently, there is a potential end of the upward correction (abc flat), which is a sign that sellers may come again near the level of 1.3125. My advice is to watch for selling opportunities. Downward targets are set at the price of 1.3074 and at the price of 1.2970.

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

Forecast for EUR / USD as of September 24, 2018

EUR / USD

On Friday, a strong decline in the British pound did not allow the euro to realize the potential for testing the upper levels (1.1832, 1.1900), and after working out the upper limit of the local channel on the four-hour chart, the price returned to a significant level of 1.1750. Accordingly, the signal line of the Marlin oscillator turned down from the upper boundary of the indicated corridor.

In connection with the importance of the fundamental reasons for the market decline (Theresa May said that the negotiations on Brexit are deadlocked). We are now considering a decreasing scenario without the price coming out of the local channel for H4, because already on Wednesday, the Fed will raise the rate to 100% with a 100% probability. To disperse the decline, the price is enough to get out of this channel down and consolidate under the Kruzenshtern line (1.1680). In this case, the goal is to support the downlink of the channel on daily at around 1.1510. Approximately to it, the indicator line of a trend moves on a daily scale (blue).

analytics5ba86be3c34e4.png

analytics5ba86bfda3291.png

The main danger for the bearish scenario comes from the Fed itself. Since investors do not doubt raising the rate, for the reliability of their medium-term prospects, they hope to strengthen hawk rhetoric as the most accompanying statement and economic forecasts, and the head of the Central Bank, Jerome Powell. Powell has not yet been seen in playing along with the market, and the situation is far from cloudless. The debt of the United States on the 20th day was 21.467 trillion dollars, the yield of 10-year government bonds the third day holds above 3.0%, the increase in yield will increase the cost of debt servicing. And at some point, the Fed should start preparing markets to slow the rate of rate hikes. Investors pledge 2 rate increases next year with a probability of 100%. They are clearly ahead of the forecasts of the Fed itself (3.5% in 2019), and the Fed, in turn, may even question its own forecast due to the vulnerability of the United States in trade wars. Whether such a hint will be given by the members of the FOMC at the next meeting or decide to wait will largely determine the nature of the market in the medium term. And the increase in uncertainty and volatility in both directions, this is also the nature of the market.

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

Forecast for AUD / USD as of September 24, 2018

AUD / USD

On Friday, the Australian dollar worked out exactly the point of intersection of the upper boundary of the falling price channel and the balance line on a daily chart. On the four-hour chart, the divergence of the price with the oscillator Marlin was formed. Now, waiting for the decision of the Fed on the rate on Wednesday, which is likely to increase from 2.00% to 2.25%, we are waiting for a price turn and its decline to the lower boundary of the channel with an approximate target of 0.6880.

analytics5ba86a03a1fff.png

The first obstacle along this path is the Kruzenshtern trend line on the daily chart at a price of 0.7232. This level also corresponds to the maximum of September 13.

analytics5ba86a1ed6e44.png

Below the level is the support of the Kruzenshtern line on H4, at about 0.7195, then support of the price channel nesting line at 0.7156. This is the prospect for the next few days.

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

Fractal analysis for major currency pairs on September 24

Dear colleagues.

For the currency pair Euro / Dollar, the continuation of the upward movement is expected after the passage at the price range of 1.1809 - 1.1829. For the Pound / Dollar currency pair, we follow the formation of the downward structure of September 20. For the Dollar / Franc currency pair, the development of the downward movement is possible after the breakdown of 0.9543. For the Dollar / Yen currency pair, we follow the local upward structure of September 13 and the continuation of the upward movement forward after the breakdown of 113.01. For the currency pair Euro / Yen, we expect the continuation of the upward movement after the breakdown of 133.16 and at the moment, the price is in correction. For the Pound / Yen currency pair, we follow the formation of the downward structure of September 21.

Forecast for September 21:

Analytical review of currency pairs in the scale of H1:

analytics5ba835e4b8daf.png

For the currency pair Euro / Dollar, the key levels on the scale of H1 are: 1.1864, 1.1829, 1.1809, 1.1748, 1.1728 and 1.1701. Here, we continue to follow the local upward structure of September 17. The short-term upward movement is expected in the range of 1.1809 - 1.1829 and the breakdown of the last value will lead to a movement to the potential target of 1.1864, upon reaching this level, we expect a rollback into correction.

The short-term downward movement is possible in the range of 1.1748 - 1.1728 and the breakdown of the last value will lead to an in-depth correction. Here, the target is 1.1701 and this level is the key support for the top.

The main trend is a local structure for the top of September 17, the area of correction.

Trading recommendations:

Buy 1.1810 Take profit: 1.1827

Buy 1.1830 Take profit: 1.1860

Sell: 1.1746 Take profit: 1.1730

Sell: 1.1726 Take profit: 1.1705

analytics5ba835fc2322e.png

For the Pound / Dollar currency pair, the key levels on the H1 scale are: 1.3204, 1.3144, 1.3111, 1.3040, 1.2995, 1.2957, 1.2867 and 1.2803. Here, we follow the formation of a downward structure from September 20. The continuation of the movement downwards is expected after the breakdown of 1.3040. In this case, the target is 1.2995, up to this level we expect the formation of pronounced initial conditions for the bottom. The passage at the price range of 1.2995 - 1.2957 will lead to the development of a pronounced downward movement. Here, the target is 1.2867. The potential value for the bottom is the level of 1.2803, upon reaching which we expect a rollback to the top.

The short-term upward movement is possible in the range of 1.3111 - 1.3144 and the breakdown of the last value will lead to an in-depth correction. Here, the target is 1.3204 and this level is the key support for the downward structure.

The main trend is the formation of a downward structure from September 20.

Trading recommendations:

Buy: 1.3111 Take profit: 1.3142

Buy: 1.3146 Take profit: 1.3202

Sell: 1.3040 Take profit: 1.2995

Sell: 1.2955 Take profit: 1.2870

analytics5ba8361a28633.png

For the Dollar / Franc currency pair, the key levels on the scale of H1 are: 0.9637, 0.9608, 0.9590, 0.9562, 0.9543 and 0.9512. Here, we continue to follow the downward structure of September 11. The short-term downward movement is possible in the range of 0.9562 - 0.9543 and the breakdown of the last value will lead to a movement to the potential target of 0.9512, from this level we expect a rollback upward.

The short-term upward movement is possible in the range of 0.9590 - 0.9608 and the breakdown of the last value will lead to an in-depth correction. Here, the target is 0.9637 and this level is the key support for the top.

The main trend is the downward structure of September 11.

Trading recommendations:

Buy: 0.9590 Take profit: 0.9606

Buy: 0.9610 Take profit: 0.9635

Sell: 0.9540 Take profit: 0.9514

Sell: Take profit:

analytics5ba8363acada8.png

For the currency pair Dollar / Yen, the key levels on the scale of H1 are: 113.95, 113.53, 113.34, 113.01, 112.64, 112.41, 112.13 and 111.96. Here, we follow the local top-down structure on September 13. The continued upward movement is expected after the breakdown of 113.01. In this case, the target is 113.34 and in the range of 113.34 - 113.53 is the consolidation. The potential value for the top is the level of 113.95, upon reaching which we expect a pullback downwards.

The short-term downward movement is possible in the range of 112.64 - 112.41 and the breakdown of the last value will lead to an in-depth correction. Here, the target is 112.13 and the range of 112.13 - 111.96 is the key support for the top.

The main trend is the local upward structure of September 13.

Trading recommendations:

Buy: 113.01 Take profit: 113.34

Buy: 113.55 Take profit: 113.95

Sell: 112.62 Take profit: 112.45

Sell: 112.38 Take profit: 112.15

analytics5ba83675df37a.png

For the Canadian Dollar / Dollar currency pair, the key levels on the scale of H1 are: 1.3065, 1.3003, 1.2968, 1.2945, 1.2888, 1.2837 and 1.2804. Here, we follow the downward structure of September 18. The continued downward movement is expected after the breakdown of 1.2888. In this case, the target is 1.2837. We consider the level of 1.2804 to be a potential value for the downward structure, after which we expect consolidation, and also a rollback to the top.

The short-term upward movement is possible in the range of 1.2945 - 1.2968 and the breakdown of the latter value will lead to an in-depth correction. Here, the target is 1.3003 and this level is the key support for the downward structure from September 18.

The main trend is a local downward structure from September 18.

Trading recommendations:

Buy: 1.2945 Take profit: 1.2966

Buy: 1.2970 Take profit: 1.3000

Sell: 1.2888 Take profit: 1.2840

Sell: 1.2835 Take profit: 1.2805

analytics5ba83687696b6.png

For the Australian Dollar / Dollar currency pair, the key levels on the scale of H1 are: 0.7390, 0.7362, 0.7320, 0.7287, 0.7252, 0.7224 and 0.7186. Here, we follow the upward cycle of September 11. The short-term upward movement is expected in the range of 0.7287 - 0.7320 and the breakdown of the last value will lead to a movement to the level of 0.7362. The potential value for the top is the level of 0.7390, after which we expect consolidation.

The short-term downward movement is expected in the range of 0.7252 - 0.7224 and the breakdown of the last value will lead to an in-depth correction. Here, the target is 0.7186, this level is the key support.

The main trend is the ascending structure of September 11.

Trading recommendations:

Buy: 0.7287 Take profit: 0.7320

Buy: 0.7322 Take profit: 0.7360

Sell: 0.7252 Take profit: 0.7226

Sell: 0.7222 Take profit: 0.7188

analytics5ba8369c83bb3.png

For the Euro / Yen currency pair, the key levels on the scale of H1 are: 134.55, 133.85, 133.16, 132.29, 131.86, 131.32 and 131.02. Here, we continue to follow the development of the upward cycle of September 10. At the moment, the price is in correction. The continuation of the upward movement is expected after the breakdown of 133.16. In this case, the target is 133.85 and near this level is the consolidation. The potential value for the upward trend is the level of 134.55, upon reaching which we expect a pullback downwards.

The short-term downward movement is possible in the range of 132.29 - 131.86 and the breakdown of the last value will lead to an in-depth correction. Here, the target is 131.32 and the range of 131.32 - 131.02 is the key support for the top.

The main trend is the upward cycle of September 10.

Trading recommendations:

Buy: 133.16 Take profit: 133.80

Buy: 133.90 Take profit: 134.50

Sell: 132.27 Take profit: 131.88

Sell: 131.80 Take profit: 131.36

analytics5ba836ae1ca3a.png

For the Pound / Yen currency pair, the key levels on the scale of H1 are: 148.69, 148.10, 147.66, 146.84, 145.89, 144.86 and 144.11. Here, we follow the formation of a downward structure from September 21. The continuation of the movement downwards is expected after the breakdown of 146.84. In this case, the target is 145.89 and near this level is the consolidation. The breakdown of 145.89 will lead to the development of a pronounced movement. Here, the target is 144.86. We consider the level of 144.11 to be a potential value for the bottom, after which we expect a rollback to the top.

The short-term uptrend is possible in the range of 147.66 - 148.10 and the breakdown of the last value will lead to an in-depth correction. Here, the target is 148.69 and this level is the key support for the downward structure from September 21.

The main trend is the formation of a downward structure from September 21.

Trading recommendations:

Buy: 147.66 Take profit: 148.10

Buy: 148.15 Take profit: 148.65

Sell: 146.80 Take profit: 146.05

Sell: 145.85 Take profit: 144.20

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

Intraday technical levels and trading recommendations for EUR/USD for September 24, 2018

analytics5ba8c9995100d.png

On the weekly chart, the EUR/USD pair is demonstrating a high-probability Head and Shoulders reversal pattern where the right shoulder is currently in progress.

Recently, the price level of 1.1500 offered temporary bullish recovery towards 1.1750. The EUR/USD bulls failed to pursue towards higher bullish targets. Instead, a descending high was established around 1.1800.

However, the price level of 1.1520 stood as a prominent demand level where the current bullish pullback towards the price level of 1.1700 was initiated.

Last week, another bullish movement was demonstrated towards the upper limit of the price range (1.1750) which resulted in a daily shooting-star bearish candlestick reflecting early signs of bearish rejection.

On the daily chart, The EUR/USD pair remains trapped below the depicted technical key-levels (1.1750 - 1.1850). As for the bearish side of the market to be dominant, the pair should keep trading below 1.1750.

On the other hand, conservative traders should be expecting further bullish advance towards 1.1850 if the EUR/USD pair resumes its movement above 1.1750 (lower probability).

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

Bitcoin analysis for September 24, 2018

analytics5ba8c53585ca5.png

Trading recommendations:

According to the H1 time - frame, I found that Bitcoin might finish that current downward correction (abc flat) near the level of $6.565. The level of $6.555 is a strong support because it is also the swing high from the background. Be careful when selling Bitocin at this stage. My advice is to watch for a potential breakout of the supply trendline to confirm further upward continuation. The upward tarets are set at the price of $6.853 and at the price of $7.000.

Support/Resistance

$7.296 – Intraday resistance

$6.220– Intraday support

$6.853 – Objective target 1

$7.000 – Objective target 2

With InstaForex you can earn on cryptocurrency's movements right now. Just open a deal in your MetaTrader4.

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

USD/CAD analysis for September 24, 2018

analytics5ba8c375d5c12.png

Recently, the USD/CAD pair has been trading downwards. The price tested the level of 1.2884. Anyway, according to the H4 time – frame, I found that price rejected from the strong support at the price of 1.2887 (bottom of the channel and previous swing low), which is a sign that selling at this stage looks risky. I also found a hidden bullish divergence on the MACD oscillator, which is another sign of strength. My advice is to watch for buying opportunities. The upward targets are set at the price of 1.3060 and at the price of 1.3105.

Blue line – expected price path

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

Technical analysis of GBP/USD for September 24, 2018

analytics5ba8b67f329d0.png

Overview:

The GBP/USD pair continues moving in a bullish trend from the support levels of 1.3052 and 1.3159. Currently, the price is in a bullish channel. This is confirmed by the RSI indicator signaling that we are still in a bullish trending market. As the price is still above the moving average (100), immediate support is seen at 1.3052, which coincides with a golden ratio (61.8% of Fibonacci).

Consequently, the first support is set at the level of 1.3159. So, the market is likely to show signs of a bullish trend around the spot of 1.3159. In other words, buy orders are recommended above the first support of 1.3159 with the first target at the level of 1.3294. Furthermore, if the trend is able to breakout through the first resistance level of 1.3294. We should see the pair climbing towards the double top (1.3294) to test it. If the trend will be able to break the double top at 1.3294, then the GBP/USD will continue towards the next objective of 1.3415. It would also be wise to consider where to place a stop loss; this should be set below the second support of 1.3052.

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

Technical analysis of EUR/USD for September 24, 2018

analytics5ba8b3e7b72e6.png

Overview:

The EUR/USD pair is showing signs of strength following a breakout of the highest level of 1.1730.

On the H1 chart, the level of 1.1730 coincides with 50% of Fibonacci which is expected to act as minor support today. Since the trend is above the 50% Fibonacci level, the market is still in an uptrend.

But, major support is seen at the level of 1.1730.

Furthermore, the trend is still showing strength above the moving average (100).

Thus, the market is indicating a bullish opportunity above the above-mentioned support levels, for that the bullish outlook remains the same as long as the 100 EMA is headed to the upside.

Therefore, strong support will be found at the level of 1.1730 providing a clear signal to buy with a target seen at 1.1802.

If the trend breaks the minor resistance at 1.1802, the pair will move upwards continuing the bullish trend development to the level 1.1860 in order to test the daily resistance 3.

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

Technical analysis of AUD/USD for September 24, 2018

analytics5ba8b24967372.png

Overview:

Pivot point : 0.7267.

The AUD/USD pair will be probably continue to rise from the level of 0.7233 in the long term. It should be noted that the support is established at the level of 0.7233 which represents the 50% Fibonacci retracement level on the H4 chart. The price is likely to form a double bottom in the same time frame. Accordingly, the AUD/USD pair is showing signs of strength following a breakout of the highest level of 0.7260. So, buy above the level of 0.7260 with the first target at 0.7309 in order to test the daily resistance 1 and further to 0.7346. Besides, it might be noted that the level of 0.7379 is a good place to take profit because it will form a double top. On the other hand, in case a reversal takes place and the AUD/USD pair breaks through the support level of 0.7233, a further decline to 0.7153 can occur which would indicate a bearish market.

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

Burning Forecast 09/24/2018

Burning Forecast 09/24/2018

EURUSD: The signal for growth has not been cancelled.

On Monday morning, the euro is in correction to the previous growth. Growth is not cancelled.

The main event of the week - today the US will introduce new duties against China for $200 billion.

On Wednesday, the Federal Reserve's decision.

We keep purchases from 1.1725, stop 1.1680, target 1.1925.

Alternative: sell from 1.1525

analytics5ba85d63001c1.jpg

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

Trading plan 24.09.2018

Trading plan 24.09.2018

Overall picture: week of important news.

On Wednesday, the Federal Reserve's decision on rates - we expect an increase of +0.25%, but most importantly - the text of statement of the Fed.

On Monday, new US duties against China come into effect for $200 billion - and probably, China's retaliatory tariffs of $60 billion against the USA.

On Thursday, orders for durable goods, U.S., on Friday, the inflation PCE

The pound had a sharp decline on Friday due to strong disagreements between Britain and the EU on the plan of relations after Brexit - the pound is likely to range.

Lb: buy in the breakout of 1.3300.

Alternative: sell from 1.2790.

analytics5ba85f75199c9.jpg

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

Technical analysis of Gold for September 24, 2018

Gold price got rejected at the $1,210 resistance and broke below $1,200. We warned last week that prices were testing the important upper channel and previous highs at $1,211 and the danger of a rejection was high. The rejection and the break below $1,200 was a very bearish sign.

analytics5ba885bb63a9d.png

Red line - resistance trend line

Green lines - bearish channel

Blue line - support trend line (broken)

Gold bulls are in a difficult spot. Price got rejected and broke below the support trend line. Next support is at $1,180. Resistance is at $1,208-10. Gold price is still inside the bearish channel. Trend remains bearish. Gold could see a move below $1,190-80 over the coming weeks as long as price is below $1,210.

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

Technical analysis: Intraday levels for EUR/USD, Sept 24, 2018

analytics5ba840473662b.jpg

When the European market opens, some economic data will be released such as German Ifo Business Climate and Belgian NBB Business Climate. The economic calendar for the US is empty today. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVELS:

Breakout BUY Level: 1.1807.

Strong Resistance:1.1800.

Original Resistance: 1.1788.

Inner Sell Area: 1.1776.

Target Inner Area: 1.1749.

Inner Buy Area: 1.1721.

Original Support: 1.1709.

Strong Support: 1.1697.

Breakout SELL Level: 1.1690.

Disclaimer: Trading Forex (foreign exchange) on margin carries a highlevel of risk, and may not be suitable for all Traders or 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 froman independent financial advisor if you have any doubts.

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

Technical analysis: Intraday levels for USD/JPY, Sept 24, 2018

analytics5ba83fda64374.jpg

Today, both Japan and the US will not release any economic data. So there is a probability the USD/JPY pair will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVELS:

Resistance. 3: 113.20.

Resistance. 2: 112.98.

Resistance. 1: 112.76.

Support. 1: 112.49.

Support. 2: 112.27.

Support. 3: 112.05.

Disclaimer: Trading Forex (foreign exchange) on margin carries a highlevel of risk, and may not be suitable for all Traders or 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 froman independent financial advisor if you have any doubts.

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

Technical analysis of EUR/USD for September 24, 2018

EUR/USD as expected by our last analysis is pulling back for a back test of the break out area. Holding above 1.17 will be critical for the medium-term trend. A false break out and a move below 1.1670-1.1680 will be a very bearish sign.

analytics5ba883bcb4b2a.png

Blue lines - support trend lines

EUR/USD is pulling back towards 1.1730-1.17 which was the break out area and previous resistance. This is now support and bulls should defend it and push prices higher from current levels. This happening is our primary scenario. However is support fails to hold and price breaks below the upward sloping blue trend line at 1.1690, we should expect EUR/USD to move much lower and we change focus away from our primary bullish scenario. If support fails to hold our target for a pull back is at 1.16. If prices bounce from current levels I believe we can see prices above 1.18 this week.

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

Global macro overview for 24/09/2018

According to Ewald Nowotny, the European economy is in very good condition, and monetary policy is not keeping up with it, it is still in the mode of deep crisis. In the euro area as a whole, price stability has been achieved. In the current situation, policy normalization seems to be the best solution and should be speeded up.

Nowotny pointed out, however, that in the matter of inflation he is more optimistic than most of the ECB members. He added that it does not mean that he is isolated in his opinions. The largest risk is currently the situation of the banking sector in Italy. The Italian government is still sending mixed signals.

Today at 01:00 pm GMT the President of the ECB Mario Draghi will speak in Brussels to the ECON Committee. He will discuss the economic and monetary perspectives of the euro area and deal with the topics proposed by the committee. He will talk about the risk related to the lending activities of banks and central bank communications in the situation of a non-standard approach to monetary policy.

Let's now take a look at the EUR/USD technical picture at the H4 time frame. The pair has started the week without major moves as the market still trades around the level of 1.1750. The current local high was established at the level of 1.1803 and since then the price has entered the corrective cycle. The channel still prevents the price from falling down, so the technical support at the level of 1.1720 should hold as well. The momentum is positive, but not so strong and it is pointing down, just as the stochastic indicator.

analytics5ba87b7b09552.jpg

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

Bitcoin analysis for 24/09/2018

Several large Russian banks have expressed their strong interest in cooperating with the cryptocurrency industry and Blockchain during a closed-door meeting held at the Moscow Stock Exchange. Demand for cryptocurrencies in Russia is very high, but banks are unable to meet this demand due to the lack of clearly defined provisions. For this reason, representatives of Russian banks present at the meeting talked with regulators from Japan, Luxembourg and Singapore to adjust their experience to local realities. In addition, a lobbying group was set up with the aim of approaching the Russian government with suggestions on how to regulate the cryptocurrency in the country.

As the RBC Correspondent has learned, a representative of a large Russian bank has proposed to create an alternative draft law on digital resources, which will be drastically changed from the current regulations proposed by the government. According to the RBC report, the meeting was organized by a lobbying group comprising the largest Russian bank Sberbank, Alfa-Bank, VTB and others. The lobbying group also discussed regulatory issues with global experts, such as officials of the Bitflyer stock exchange. Former Luxembourg Finance Minister, Luc Frieden, also took part in the meeting explaining how he managed to create a legal framework for cryptocurrencies.

This was not the first group meeting at the Moscow Stock Exchange. The first meeting devoted to the Russian regulation on digital assets took place in June.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. The market is trading below the important technical resistance zone, established between the levels of $6,521 - $6, 550. Moreover, there is the internal trendline resistance around this level as well, which makes this area hard to break through. The nearest support is seen at the level of $6,413. In a case of a breakout, the next target for bulls is seen at the level of $6,666.

analytics5ba8788f1b250.jpg

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

USD/CHF Approaching Resistance, Prepare For Reversal

USD/CHF is testing its resistance at 0.9604 (61.8% Fibonacci extension, 38.2% Fibonacci retracement, horizontal overlap resistance) where a reversal to its support at 0.9554 (horizontal swing low support) is expected.

Stochastic (55, 5, 3) is approaching its resistance at 95% where a corresponding drop is expected.

USD/CHF is testing its resistance where we expect to see a reversal.

Sell below 0.9604. Stop loss at 0.9626. Take profit at 0.9554.

analytics5ba87627e9150.png

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

NZD/USD Approaching Resistance, Prepare For Reversal

NZD/USD is approaching its resistance at 0.6717 (100% Fibonacci extension, 38.2%, 61.8%, 23.6% Fibonacci retracement, horizontal overlap resistance) where a reversal to its support at 0.6635 (38.2% Fibonacci retracement, horizontal overlap support) is expected.

NZD/USD is testing its resistance where we expect to see a reversal.

Sell below 0.6717. Stop loss at 0.6765. Take profit at 0.6635.

analytics5ba875edd5ad8.png

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

Elliott wave analysis of EUR/NZD for September 24, 2018

analytics5ba85ce3db80a.png

EUR/NZD should stay above the peak of red wave i at 1.7488 for the next impulsive rally towards 1.8031. If an unexpected break below 1.7488 is seen, the we will have to make a recount of the rally from 1.6534 and count the rally as a series of waves ones and twos. This is not our preferred count, but it remains a possibility as long as re stay below 1.7783. A break above here will confirm that the next impulsive rally is developing higher towards 1.8030 and longer term closer to 1.8369.

R3: 1.7711

R2: 1.7680

R1: 1.7650

Pivot: 1,7620

S1: 1.7586

S2: 1.7539

S3: 1.7488

Trading recommendation:

We are long EUR from 1.7615 with our stop placed at 1.7515. If you are not long EUR yet, the wait and buy a break above 1.7680 and start by using a stop, just below the most recent low.

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

Elliott wave analysis of EUR/JPY for September 24, 2018

analytics5ba85aa3f34f2.png

EUR/JPY has rallied nicely and is well underway towards 134.07 and above towards the 136.06 - 136.50 zone.

In the short-term, we expect support near 131.99 to be able to protect the downside for the next push higher towards 134.07. Support at 131.99 should be broken then a dip closer to 131.53 max will appear. 131.03 should be expected before the next push higher.

R3: 134.07

R2: 133.13

R1: 132.62

Pivot: 131.99

S1: 131.53

S2: 131.03

S3: 130.54

Trading recommendation:

We are long EUR from 129.11 with our stop placed at 130.85. If you are not long EUR yet, then buy near 132.00 and use the same stop at 130.85.

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

Fundamental Analysis of EUR/USD for September 24, 2018

EUR/USD has been quite impulsive with the recent bullish gains which lead the price to reside at the edge of 1.1750 after certain bearish retracement on Friday. USD struggle has been extended further which might lead to further bullish momentum in the pair leading to a continuation of bullish pressure in the process.

This week is expected to be quite volatile as high impact events on both EURO and USD is going to be published this week including ECB President Draghi's speech and Federal Funds Rate hike possibility.

Today EURO German Ifo Business Climate report is going to be published which is expected to decrease to 103.2 from the previous figure of 103.8 and ECB President Draghi is going to speak today regarding short-term interest rate decisions and future monetary policies which are expected to be hawkish in nature. Moreover, throughout the week certain volatility and indecision are expected to a series of impactful economic reports on the EURO side is yet to be published.

On the other hand, this week is going to be quite crucial for USD having several high impact reports. Though today there is no USD based economic report or event tomorrow USD CB Consumer Confidence report is going to be published which is expected to decrease to 132.2 from the previous figure of 133.4. Additionally, on Wednesday FOMC Statement, Economic Projections and Funds Rate report is going to be published which is expected to increase to 2.25% from the previous value of 2.00%. Afterward, on the following day, USD Final GDP report is going to be published which is expected to remain constant at 4.2%.

As of the current scenario, EURO has been more hawkish than USD recently while USD having high impact economic reports may lead to certain volatility and fluctuations in the market. Though USD has a lot to offer this week, the expectations are quite dovish which might lead to further gain on the EURO side if Draghi provides any positive valuable information for the upcoming developments of the economy.

Now let us look at the technical view. The price is currently residing at the edge of 1.1750 area after having impulsive bullish momentum breaking it with a daily close earlier. Ahead of the high impact economic reports, certain volatility may be observed which is expected to lead to certain retrace along the way but as the price remains above the Kumo Cloud and dynamic levels like 20 EMA, Tenkan and Kijun line the price is expected to push higher with target towards 1.20 resistance area in the coming days.

SUPPORT: 1.1650, 1.1500

RESISTANCE: 1.1750, 1.2000

BIAS: BULLISH

MOMENTUM: VOLATILE

analytics5ba835c461ca1.png

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