March 19, 2019: EUR/USD Intraday technical levels and trading 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 Highlighted-Zone) where temporary bearish rejection was demonstrated.

Last week, the EUR/USD pair demonstrated a temporary bullish breakout above 1.1315 which was followed by a period of indecision/hesitation that brought the pair again within the depicted supply zone.

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

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

On the other hand, bearish breakout below the price level of 1.1298 (50% Fibonacci) will probably liberate a quick bearish retraction towards 1.1235 (23.6 Fibonacci level)then 1.1180 where the lower limit of the movement channel can be tested again.

Trade recommendations :

Risky traders can wait for the current bullish pullback to pursue towards 1.1390-1.1400 for a valid SELL signal.

T/P levels to be located around 1.1330, 1.1290 and 1.1220. S/L to be located above 1.1450.

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

March 19, 2019: GBP/USD Intraday technical levels and trading recommendations

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 bearish pullback brought the pair towards the uptrend again on March 11.

A weekly gap pushed the pair slightly below the trend line (almost reaching 1.2960). However, significant bullish recovery was demonstrated 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 March 11 rendering the current outlook for the pair as bullish.

As expected, bullish persistence above 1.3060 allowed the GBPUSD pair to pursue the bullish momentum towards 1.3130, 1.3200 then 1.3300.

For the current bullish outlook to remain dominant, bullish persistence above 1.3250 ( 50% Fibonacci expansion level ) is mandatory for confirmation of the depicted Flag pattern.

Bullish Projection targets to be located around 1.3314 and 1.3415.

On the other hand, bearish H4 candlestick closure below 1.3250 (50% Fibonacci Exp. level) invalidates this bullish setup rendering the short term outlook bearish towards 1.3180 then 1.3095 where the depicted uptrend line comes to be tested again.

Trade Recommendations:

Counter-trend traders should wait for a valid SELL signal (H4 candlestick closure below 1.3250). T/P level to be located around 1.3180 and 1.3090. SL to be set as rebound H4 closure above 1.3250 again.

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