March 15, 2019: EUR.USD approaching the upper limit of its trend channel

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 a 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 a further bullish advance towards 1.1290-1.1315 (the depicted supply zone) where lack of significant bearish pressure was demonstrated.

Earlier this week, previous negative fundamental data from US could push the EUR/USD pair for a temporary bullish breakout above 1.1315 which was followed by a period of indecision/hesitation.

Today, another bullish breakout attempt is being executed above 1.1327 (61.8% Fibonacci level).

This probably enhance further bullish movement towards 1.1370 and 1.1390 where the upper limit of the depicted movement channel is located.

On the other hand, a bearish breakout below the price level of 1.1270 (38.2% Fibonacci) will probably liberate a quick retracement towards 1.1160 again where the lower limit of the movement channel can be tested again.

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

March 15, 2019. GBP/USD: High probability of intraday bullish pattern

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

This uptrend line managed to push the 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 GBPUSD pair to keep 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 1.3250 (78.6% Fibonacci expansion level) and 1.3320 (100% Fibonacci expansion level) is needed to pursue towards 1.3550-1.3580 (Bullish flag projection target).

On the other hand, a bearish breakout below 1.3200 (61.8%Fibonacci Exp. level) invalidates this bullish setup rendering the short-term bearish outlook 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