April 5, 2019 : GBP/USD Intraday technical analysis and trade recommendations.

analytics5ca77fbd1fbb2.jpg

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 (Feb. 27) before the bearish pullback brought the pair towards the uptrend again.

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

Shortly after, the GBPUSD pair pursued the bullish momentum towards 1.3130, 1.3200 then 1.3360 where the GBPUSD failed to achieve a higher high than the one achieved on February 27.

Instead, significant bearish pressure was demonstrated below 1.3250. That's why, the short term outlook turned to become bearish towards 1.3150 - 1.3120 where the depicted uptrend line failed to provide any immediate bullish support leading to obvious bearish breakdown.

By the end of last week, the price levels of 1.3020-1.3000 (the lower limit of the depicted movement channel) demonstrated significant bullish rejection.

This brought the GBPUSD pair again towards the price zone of (1.3160-1.3180) where the upper limit of the depicted bearish channel as well as the backside of the depicted uptrend line are located.

Bearish rejection was anticipated around these price levels (1.3160-1.3180) where the current bearish decline was initiated.

Further bearish movement is expected towards 1.2950-1.2920 where the lower limit of the depicted channel is located.

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

April 5, 2019 : EUR/USD Intraday technical analysis and trade recommendations.

analytics5ca77c78c6616.jpg

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.

Shortly after, 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.

On March 18, a bullish breakout attempt was executed above 1.1327 (the upper limit of the Highlighted-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, On March 22, significant bearish pressure was demonstrated around 1.1380 leading to the current bearish decline towards 1.1220 then 1.1220.

Theoretically, the short term outlook for EURUSD pair remains bearish towards 1.1170 and 1.1120 as long as Bearish persistence below 1.1235 (Fibonacci 78.6%) is maintained on H4 chart.

On the other hand, a bullish breakout above 1.1235 (78.6% Fibonacci level) would confirm the depicted bullish Head & Shoulders pattern allowing another bullish pullback to occur towards 1.1280-1.1320 where a better SELL entry can be offered.

Trade recommendations :

Conservative traders should wait for a bullish breakout above 1.1235 for a valid BUY entry.

TP levels to be located around 1.1280, 1.1320. SL to be located below 1.1200.

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