March 21, 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 enhanced further bullish advancement towards 1.1290-1.1315 (the Highlighted-Zone) which failed to provide adequate bearish pressure.

This week, a bullish breakout attempt was executed above 1.1327 (the upper limit of the current demand zone). This enhanced a further bullish movement towards 1.1450 demonstrating a false bullish breakout above the upper limit of the depicted movement channel.

Today, significant bearish pressure was demonstrated around 1.1450. A quick decline took place towards 1.1350 (38.2% Fibonacci level).

The short-term outlook for the EUR/USD pair remains bearish. Any bullish pullback towards 1.1380 should be considered for another SELL entry.

A quick bearish breakout below 1.1290 is mandatory to pursue towards the next bearish targets around 1.1235 and 1.1180. Otherwise, the pair would become trapped within the current consolidation range (1.1300-1.1360).

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

March 21, 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 bearish gap pushed the pair slightly below the trend line (almost reaching 1.2960) before the bullish breakout above short-term bearish channel was achieved on March 11.

Bullish persistence above 1.3060 allowed the GBP/USD 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 1.3120 - 1.3100 where the depicted uptrend line comes to be tested again.

The current price zone of (1.3120-1.3090) corresponding to the uptrend line should be watched for a possible bullish reversal as long as bullish persistence above (1.3080) is maintained.

On the other hand, a bearish breakout below 1.3080 (23.6% Fibonacci expansion) invalidates the current bullish scenario allowing further bearish decline towards 1.3000 and 1.2965 (Next Fibonacci level).

Trade Recommendations:

Intraday traders should wait for a valid BUY entry anywhere around (1.3120-1.3090). T/P level to be located around 1.3180 and 1.3250. SL to be set as H4 closure below 1.3080.

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