March 14, 2019: EUR/USD Intraday technical levels and trade recommendations.

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.

Bullish fixation above 1.1430 was needed to enhance further bullish movement towards 1.1520.

However, the market has been demonstrated obvious bearish rejection around 1.1430

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 (Fibonacci 38.2%) enhanced further bullish advancement towards 1.1290-1.1315 (the depicted supply zone) where bearish rejection was anticipated.

However, negative fundamental data from US could push the EUR/USD pair for a temporary bullish breakout above 1.1315 before evident bearish rejection was demonstrated around 1.1335 earlier Today.

This brought the EURUSD Pair again towards 1.1300 within the depicted supply zone.

Bearish breakout below the price level of 1.1270 (38.2% Fibonacci) will probably liberate a quick bearish retraction towards 1.1160 again where the lower limit of the movement channel shall be tested again.

On the other hand, another bullish breakout above 1.1330 will probably enhance further bullish movement towards 1.1370 and 1.1390.

Trade recommendations :

Risky traders should wait for a bearish H4. candlestick closure below 1.1275 as a valid SELL signal.

T/P levels to be located around 1.1234 and 1.1177. SL to be located above 1.1350

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

March 14, 2019 : GBP/USD demonstrating hesitation around the Weekly high 1.3250.

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 current bearish pullback was demonstrated towards the uptrend again.

A weekly gap pushed the pair slightly below the trend line (almost reaching 1.2960). However, significant bullish recovery was demonstrated On Monday rendering the mentioned bearish gap as a false bearish breakout.

Moreover, a short-term bearish channel was broken to the upside following the mentioned bullish recovery on Monday rendering the current outlook for the pair as bullish.

As expected, bullish persistence above 1.3060 allowed the GBP/USD pair to pursue the bullish momentum towards 1.3130 then 1.3200.

For the current bullish outlook to remain valid, bullish persistence above 1.3200 (61.8% Fibonacci expansion level) is mandatory. Otherwise, the current bullish scenario would be invalidated.

Moreover, bullish persistence above 1.3265 (78.6% Fibonacci expansion level) and 1.3333 (100% Fibonacci expansion level) is needed to pursue towards next bullish target around 1.3530 (161% Fibonacci expansion level).

On the other hand, bearish breakout below 1.3170 (50% Fibonacci Exp. level) invalidates this bullish setup rendering the short-term outlook bearish towards 1.3070-1.3050 where the depicted uptrend line comes to meet the GBP/USD pair.

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