April 19, 2019 : GBP/USD Intraday technical analysis and trade recommendations.

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

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

Shortly after, the GBPUSD pair demonstrated weak bullish momentum towards 1.3200 then 1.3360 where the GBPUSD failed to achieve a higher high above the previous top achieved on February 27.

Instead, the depicted recent bearish channel was established.

Significant bearish pressure was demonstrated towards 1.3150 - 1.3120 where the depicted uptrend line failed to provide any bullish support leading to obvious bearish breakdown.

On March 29, the price levels of 1.2980 (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 came to meet the pair.

Bearish rejection was anticipated around the mentioned price levels (1.3150-1.3180). However, the GBPUSD bullish pullback failed to pursue towards the mentioned zone.

Instead, significant bearish rejection was demonstrated earlier around the price level of 1.3120.

Hence, Short-term outlook has turned into bearish towards 1.2920-1.2900 where the lower limit of the depicted channel is located.

Trade Recommendations:

Any bullish pullback towards 1.3120-1.3140 should be considered for another SELL entry. TP levels to be located around 1.3100, 1.3020 then 1.2950 - 1.2920. S/L to be located above 1.3170.

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

April 19, 2019 : EUR/USD Intraday technical analysis and trade recommendations.

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

Since then, the EURUSD pair has been moving within the depicted channel with slight bearish tendency.

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

On March 18, a significant bullish attempt was executed above 1.1380 (the upper limit of the Highlighted-channel) demonstrating a false/temporary bullish breakout.

On March 22, significant bearish pressure was demonstrated towards 1.1280 then 1.1220.

Two weeks ago, a bullish Head and Shoulders reversal pattern was demonstrated around 1.1200. This enhanced further bullish advancement towards 1.1300-1.1315 (supply zone) where recent bearish rejection was being demonstrated.

Short-term outlook turned to become bearish towards 1.1280 (61.8% Fibonacci) followed by further bearish decline towards 1.1235 (78.6% Fibonacci).

For Intraday traders, the current price zone around 1.1235 (78.6% Fibonacci) stands as a prominent demand area to be watched for a possible short-term BUY entry.

However, conservative traders should be waiting for a bullish pullback towards 1.1280-1.1290 (backside of the broken bullish channel) for a valid SELL entry.

Moreover, bearish breakdown below 1.1235 opens the way for further bearish decline towards 1.1180-1.1170.

Trade recommendations :

A valid SELL entry can be taken around 1.1280 - 1.1290 when a bullish pullback occurs.

TP levels to be located around 1.1250, 1.1235 and 1.1170. SL should be placed above 1.1320.

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