March 22, 2019 : EUR/USD Intraday technical levels and trade recommendations.

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On January 10th, the market initiated the depicted bearish channel around 1.1570.

The bearish channel's upper limit managed to push price towards 1.1290 then 1.1235 before the EUR/USD pair could come again to meet the channel's upper limit around 1.1420.

That's why, the recent bearish movement was demonstrated towards 1.1175 (channel's lower limit) where significant bullish recovery was demonstrated on March 7th.

Bullish persistence above 1.1270 enhanced further bullish advancement towards 1.1290-1.1315 (the Highlighted-Zone) which failed to provide adequate bearish pressure.

This week, a bullish breakout attempt was executed above 1.1327 (the upper limit of the current demand zone). This enhanced further bullish movement towards 1.1450 demonstrating a false bullish breakout above the upper limit of the depicted movement channel.

On the other hand, Yesterday, significant bearish pressure was demonstrated around 1.1380 leading to the current bearish decline towards 1.1290.

The short term outlook for EURUSD pair remains bearish. Hence, Quick bearish breakout below 1.1285 is mandatory to pursue towards the next bearish target around 1.1235 and 1.1180.

Trade recommendations :

Based on Yesterday's recommendations, sellers around .1385 should lower their SL to 1.1340 to secure some profits.

TP levels to be located around 1.1235 and 1.1180.

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

March 22, 2019 : GBPUSD Intraday technical levels and trade recommendations.

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On January 2nd, the market initiated the depicted uptrend line around 1.2380.

This uptrend line managed to push price towards 1.3200 before the GBP/USD pair came to meet the uptrend again around 1.2775 on February 14.

Another bullish wave was demonstrated towards 1.3350 before the bearish pullback brought the pair towards the uptrend again on March 11.

A weekly bearish gap pushed the pair slightly below the trend line (almost reaching 1.2960) before the bullish breakout above short-term bearish channel was achieved on March 11.

Bullish persistence above 1.3060 allowed the GBPUSD pair to pursue the bullish momentum towards 1.3130, 1.3200 then 1.3360 where the recent bearish pullback was initiated.

Bullish persistence above 1.3250 ( 50% Fibonacci expansion level ) was needed for confirmation of a bullish Flag pattern. However, significant bearish pressure was demonstrated below 1.3250.

Hence, the short term outlook turned to become bearish towards 1.3120 - 1.3100 where the depicted uptrend line failed to provide any immediate bullish support.

Bearish breakout below 1.3100 (23.6% Fibonacci level) allowed quick bearish decline towards 1.3000 where the current bullish momentum that brought the pair back above 1.3200 was initiated (False bearish breakout).

Today, Further bullish advancement is expected towards 1.3250 ( 50% Fibonacci expansion level) where bearish rejection may be anticipated.

Trade Recommendations:

Intraday traders should wait for a valid SELL entry anywhere around (1.3250).

T/P level to be located around 1.3180 and 1.3100.

SL to be placed above 1.3320.

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

Bitcoin analysis for March 22, 2019

BTC went fast lower and tested the level of $3.862 yesterday and today we got upward correction.

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According to the H1 time – frame, the analysis from yesterday is still valid and we still expect downside. The is the down break of the upward trendline in the background, which is sign that aggressive sellers did enter the market. Key support levels are seen at the price of $3.864, $3.766 and $3.633. Key resistance is still set at the price of $4.170.

Trading recommendation: We are short on BTC with the major take profit at $3.633 and protective stop at $4.060.

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

Fractal analysis of major currency pairs on March 22

Dear colleagues,

For the EUR/USD pair, we are following the descending structure from March 20. The downward movement to the bottom is expected to continue after the breakdown of 1.1265. For the GBP/USD pair, we follow the development of the downward structure from March 19 and the key level of support is at 1.3206. For the pair USD/CHF pair, the price forms the ascending structure from March 20. The upward movement to the top is expected after the breakdown of 0.9974. For the pair USD/JPY, we are expecting to reach the level of 110.09 and the key support level is at 110.58. For the EUR/JPY pair, we are following the development of the downward structure from March 20. The downward movement to the bottom is expected to continue after the breakdown of 125.52 and the key support level is at 125.28. On the GBP/JPY pair, we are following the development of the downward cycle of March 14. The downward movement to the bottom is expected to continue after the breakdown of 144.25.

Forecast for March 22:

Analytical review of H1-scale currency pairs:

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For the EUR/USD pair, the key levels on the H1 scale are 1.1378, 1.1341, 1.1318, 1.1280, 1.1265, 1.1238 and 1.1203. Here, we follow the formation of the downward structure of March 20. The downward movement to the bottom is expected to continue after the breakdown of after the price passes the noise range of 1.1280 - 1.1265, which in this case the goal is 1.1238. The potential value for the downward movement can be considered at the level of 1.1203, after reaching this level we can expect to go into a correction.

The Short-term upward movement is possible in the range of 1.1318 - 1.1341. The breakdown of the latter value will lead to in-depth movement with the target of 1.1378, this level is key support for the upward structure.

The main trend is the formation of the downward structure of March 20.

Trading recommendations:

Buy 1.1318 Take profit: 1.1340

Buy 1.1345 Take profit: 1.1376

Sell: 1.1265 Take profit: 1.1240

Sell: 1.1236 Take profit: 1.1205

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For the GBP/USD pair, the key levels on the H1 scale are 1.3253, 1.3206, 1.3161, 1.3043, 1.3018, 1.2976, 1.2914 and 1.2881. Here, we are following the downward structure of March 19. The downward movement to the bottom is expected to continue after the price passes the noise range of 1.1280 - 1.1265, which in this case the target for consolidation is 1.1238. The breakdown of the level 1.2976 should be accompanied by a pronounced downward movement with the target of 1.2914. We consider the potential value for the downward structure to be at 1.2881. After reaching of which, we can expect a rollback to the top.

The Short-term upward movement is possible in the range of 1.3161 - 1.3206. the breakdown of the latter value will lead to a prolonged correction with the target of 1.3253. This level is key support for the downward structure of March 19.

The main trend is the downward structure of March 19.

Trading recommendations:

Buy: 1.3161 Take profit: 1.3204

Buy: 1.3208 Take profit: 1.3250

Sell: 1.3018 Take profit: 1.2978

Sell: 1.2974 Take profit: 1.2915

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