Updated Intraday technical analysis for major currencies - page 6
You are missing trading opportunities:
- Free trading apps
- Over 8,000 signals for copying
- Economic news for exploring financial markets
Registration
Log in
You agree to website policy and terms of use
If you do not have an account, please register
The EUR/USD pair is demonstrating a strong bullish movement which was maintained within the depicted bullish channel. However, on Friday the market witnessed some bearish retracement in reaction to the upper limit of its movement channel around price level of 1.2580.
The bearish movement expressed on Friday is probably resembling a Head & Shoulders reversal pattern which will be targetting at the lower limit of the channel after breakdown of the neck line around 1.2490.
The lower limit of the movement channel, two important Fibonacci Levels & SMA 100 are located between 1.2310-1.2360 (S2 & S3) where price action should be watched for a valid low risk BUY entry with SL located below 1.2230 which corresponds to 78.6% of Fibonacci level.
The most significant Resistance level is located around 1.2575, this price level was tested last week expressing bearish reaction which pushed the EUR/USD pair towards the lower limit of the depicted movement channel. That's why bullish movement should break through this level in order to make other bullish swings.
The GBP/USD pair has resumed its bullish movement recording a higher high last Thursday at 1.5912 after breaking through 1.5750 reaching the upper limit of the depicted channel which acted as a supply zone for the pair.
The most significant Resistance level is located around 1.5910, this price level was tested last week expressing obvious bearish reaction which pushed the GBP/USD pair towards the lower limit of the depicted movement channel. That's why bullish movement should break through this level in order to make other bullish swings.
The lower limit of the movement channel as well as the significant Support level are located between 1.5750-1.5770 where price action should be watched for a possible valid low risk BUY entry with SL located below 1.5700.
Generally, I trade EUR/USD currency pair and your technical analysis shared here for this pair help me to take right decision about open or close a trade. Now I am planning to move on other currency pair. Can you suggest me a good pair to trade?
Last week, in the previous articles, we suggested that the potential downside movement remains valid as long as the pair is trading below 1.0040 and below 1.0000 area, the psychological resistance.
Price zone 0.9900 - 0.9860 (Important Fibonacci Levels) provided strong support expressing strong bullish price action, which is manifest in the giant bullish engulfing daily candlestick.
The USD/CAD pair expressed strong bearish reaction towards 1.0020-1.0050, failing to consolidate above 1.0040 (the high of Thursday's DAILY candlestick). This indicated a strong bearish move towards 0.9995; then 0.9945 took place which actually occurred when Intraday Support around 0.9980 was broken down.
The Daily chart showed a narrow consolidation range 0.9950 -0.9980, in which the USD/CAD pair was trapped. Breakdown of 0.9950 opens the way directly towards 0.9900 - 0.9860 (50% Fibonacci Level) where price action should be watched for further decisions.
On Tuesday the USD/CAD pair stepped just below the depicted lower limit of its bullish channel failing to consolidate below expressing a quite significant bullish price action. Also there is a possible bullish Head and Shoulders reversal pattern which gives a valid BUY entry around 0.9915 - 0.9900.
Support: 0.9915, 0.9875, and 0.9815.
Resistance: 0.9980, 1.0010, 1.0040, and 1.0080.
Recommendation
Price zone 1.0025 - 1.0040 provided an excellent long-term SELL entry with SL located above 1.0060, profits should have been taken by now.
Price Zone 0.9915 - 0.9860 will probably provide a valid BUY entry with SL located just below 0.9840.
The GBP/USD pair has been fluctuating heavily within the past few weeks after the broken DAILY bullish channel was retested around the price zone of 1.6160 - 1.6180, failing to maintain a directional trend.
Then the narrow consolidation range 1.6025 - 1.5925 was broken to the downside with a potential target near the price level of 1.5780 which has not been hit so far.
On the 4H chart the GBP/USD pair is trapped within narrow range between 50% and 61.8% Fibonacci levels, breakout in either direction should be watched. However, the obvious bullish price action expressed yesterday towards 1.5960 favors the bullish short-term view at least towards 1.6070.
On the mid-term aspect, consolidation is again above 1.5970. Getting back inside the previous consolidation range indicates high probability that the upper limit around 1.6160 may be visited soon unless bears around price level 1.6070 succeed to defend this price zone.
Breakdown below the Intraday Support Price Zone 1.5900 - 1.5930 and breakdown of Intraday Support around 1.5850 are necessary to maintain the long-term bearish movement.
Support: 1.5960, 1.5920, 1.5830,1.5800, and 1.5760.
Resistance: 1.6070, 1.6160, and 1.6200
Last week, in the previous articles, we suggested that the potential downside movement remains valid as long as the pair is trading below 1.0040 and below 1.0000 area, the psychological resistance.
Price zone 0.9900 - 0.9860 (Important Fibonacci Levels) provided strong support expressing strong bullish price action, which is manifest in the giant bullish engulfing daily candlestick.
The USD/CAD pair expressed strong bearish reaction towards 1.0020-1.0050, failing to consolidate above 1.0040. This indicated a strong bearish move towards 0.9995; then 0.9945 took place which actually occurred when Intraday Support around 0.9980 was broken down.
The Daily chart showed a narrow consolidation range 0.9905 -0.9955, located few pips above 0.9890 (50% Fibonacci Level) where price action should be watched for further decisions.
On Tuesday the USD/CAD pair stepped just below the depicted lower limit of its bullish channel failing to consolidate below expressing a quite significant bullish price action. Also there is a possible bullish Head and Shoulders reversal pattern which gives a valid BUY entry around 0.9915 - 0.9900.
Support: 0.9915, 0.9875, and 0.9815.
Resistance: 0.9980, 1.0010, 1.0040, and 1.0080.
Recommendation
Price zone 1.0025 - 1.0040 provided an excellent long-term SELL entry with SL located above 1.0060, profits should have been taken by now.
Price Zone 0.9915 - 0.9860 will probably provide a valid BUY entry with SL located just below 0.9840.
The GBP/USD pair has been fluctuating heavily within the past few weeks after the broken DAILY bullish channel was retested around the price zone of 1.6160 - 1.6180, failing to maintain a directional trend.
Then the narrow consolidation range 1.6025 - 1.5925 was broken to the downside with a potential target near the price level of 1.5780 which has not been hit so far.
On the 4H chart the GBP/USD pair is trapped within narrow range between 50% and 61.8% Fibonacci levels, breakout in either direction should be watched. However, the obvious bullish price action expressed last week towards 1.5960 favors the bullish short-term view at least towards 1.6070.
On the mid-term aspect consolidation is again above 1.5970. Getting back inside the previous consolidation range indicates high probability that the upper limit around 1.6160 may be visited soon unless bears around price level 1.6070 succeed to defend this price zone.
Breakdown below the Intraday Support Price Zone 1.5900 - 1.5930 and breakdown of Intraday Support around 1.5850 are necessary to maintain the long-term bearish movement.
Support: 1.5960, 1.5920, 1.5830,1.5800, and 1.5760.
Resistance: 1.6070, 1.6160, and 1.6200
The GBP/USD pair has been fluctuating heavily within the past few weeks after the broken DAILY bullish channel was retested around the price zone of 1.6160 - 1.6180, failing to maintain a directional trend.
On the mid-term aspect consolidation is again above 1.5970. Getting back inside the previous consolidation range indicates high probability that the upper limit around 1.6160 may be visited soon unless bears around price level 1.6070 succeed to defend this price zone which did not take place this week.
On the 4H chart the GBP/USD pair was trapped within narrow range between 50% and 61.8% Fibonacci levels, bullish breakout above 1.6070 took place yesterday. This renders price zone 1.6070-1.6050 (the backside of the upper limit of the broken 4H bearish channel) a considerable zone to be watched for the price action on retesting.
Breakdown below the Intraday Support Price Zone 1.5900 - 1.5930 and breakdown of Intraday Support around 1.5850 are necessary to maintain the long-term bearish movement.
Support: 1.6070, 1.6050, 1.6000, and 1.5930.
Resistance: 1.6170, 1.6200, and 1.6265.
In the previous articles, we suggested that the potential downside movement remains valid as long as the pair is trading below 1.0040 and below 1.0000 area, the psychological resistance.
Price zone 0.9900 - 0.9860 (Important Fibonacci Levels) provided strong support expressing strong bullish price action, which is manifest in the giant bullish engulfing daily candlestick.
The USD/CAD pair expressed strong bearish reaction towards 1.0020 - 1.0050, failing to consolidate above 1.0040. This indicated a strong bearish move towards 0.9995; then 0.9945 took place which actually occurred when Intraday Support around 0.9980 was broken down.
The Daily chart showed a narrow consolidation range 0.9905 -0.9955, located few pips above 0.9890 (50% Fibonacci Level) where the price action should be watched for further decisions.
Yesterday, again the USD/CAD pair stepped just below the depicted lower limit of its bullish channel failing to consolidate below expressing a quite significant bullish price action. Also there is a possible bullish Head and Shoulders reversal pattern which gives a valid BUY entry around 0.9915 - 0.9900 which was hit yesterday.
Support: 0.9915, 0.9875, and 0.9815.
Resistance: 0.9950, 0.9980, 1.0010, 1.0040, and 1.0080.
Recommendation
Price zone 1.0025 - 1.0040 provided an excellent long-term SELL entry with SL located above 1.0060, profits should have been taken by now.
Price Zone 0.9915 - 0.9900 provided a valid BUY entry with SL located just below 0.9880. Profits should be taken at mentioned Resistance Levels.
The GBP/USD pair has been fluctuating heavily within the past few weeks after the broken DAILY bullish channel was retested around the price zone of 1.6160 - 1.6180, failing to maintain a directional trend.
On the mid-term aspect consolidation is again above 1.5970. Getting back inside the previous consolidation range indicates high probability that the upper limit around 1.6160 may be visited soon unless bears around price level 1.6070 succeed to defend this price zone which did not take place this week.
On the 4H chart the GBP/USD pair was trapped within narrow range between 50% and 61.8% Fibonacci levels, bullish breakout above 1.6070 took place Monday. This renders price zone 1.6070-1.6050 (the backside of the upper limit of the broken 4H bearish channel) a considerable zone to be watched for the price action on retesting.
On the 4H chart, there is a possible bearish Head and Shoulders reversal pattern around the current price levels to be confirmed with breakdown below Price Level of 1.6080
Breakdown below the Intraday Support Price Zone 1.5900 - 1.5930 and breakdown of Intraday Support around 1.5850 are necessary to maintain the long-term bearish movement.
Support: 1.6080, 1.6050, 1.6000, and 1.5930.
Resistance: 1.6170, 1.6200, and 1.6265.