March 20, 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 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) with signs of bullish weakness being demonstrated n the chart.

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, earlier bearish breakout below the price level of 1.1335 (previous bottom) will probably liberate a quick bearish retraction towards 1.1300, 1.1235 then 1.1180 where the next Fibonacci levels can be tested again.

Trade recommendations :

Based on the weak bullish price action demonstrated recently, Intraday traders can either wait for the current bullish pullback to pursue towards 1.1390-1.1400 or a quick bearish breakout below 1.1335 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 20, 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.

That's why, bullish persistence above 1.3060 allowed the GBPUSD pair to pursue the bullish momentum towards 1.3130, 1.3200 then 1.3360 where the current bearish pullback was initiated.

Bullish persistence above 1.3250 ( 50% Fibonacci expansion level ) was needed for confirmation of a bullish Flag pattern. However, significant bearish pressure was demonstrated below 1.3250.

Hence, the short term outlook turned to become bearish towards 1.3180 then 1.3095 where the depicted uptrend line comes to be tested again.

Bearish persistence below 1.3185 (23.6% Fibonacci expansion) is mandatory for further bearish decline. Any bullish breakout above which, gives early warning for sellers.

Trade Recommendations:

Intraday traders should wait for a valid SELL signal anywhere around (1.3215-1.3250).

T/P level to be located around 1.3180 and 1.3090. SL to be set as rebound H4 closure above 1.3200-1.3250 again.

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