March 22, 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.

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 further bullish movement towards 1.1450 demonstrating a false bullish breakout above the upper limit of the depicted movement channel.

On the other hand, Yesterday, significant bearish pressure was demonstrated around 1.1380 leading to the current bearish decline towards 1.1290.

The short term outlook for EURUSD pair remains bearish. Hence, Quick bearish breakout below 1.1285 is mandatory to pursue towards the next bearish target around 1.1235 and 1.1180.

Trade recommendations :

Based on Yesterday's recommendations, sellers around .1385 should lower their SL to 1.1340 to secure some profits.

TP levels to be located around 1.1235 and 1.1180.

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

March 22, 2019 : GBPUSD Intraday technical levels and trade 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 GBPUSD pair to pursue the bullish momentum towards 1.3130, 1.3200 then 1.3360 where the recent 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 failed to provide any immediate bullish support.

Bearish breakout below 1.3100 (23.6% Fibonacci level) allowed quick bearish decline towards 1.3000 where the current bullish momentum that brought the pair back above 1.3200 was initiated (False bearish breakout).

Today, Further bullish advancement is expected towards 1.3250 ( 50% Fibonacci expansion level) where bearish rejection may be anticipated.

Trade Recommendations:

Intraday traders should wait for a valid SELL entry anywhere around (1.3250).

T/P level to be located around 1.3180 and 1.3100.

SL to be placed above 1.3320.

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