March 28, 2019 : EUR/USD Intraday technical analysis 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.

Shortly after, 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.

On March 18, a bullish breakout attempt was executed above 1.1327 (the upper limit of the Highlighted-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, On March 22, significant bearish pressure was demonstrated around 1.1380 leading to the current bearish decline towards 1.1260 then 1.1220.

The short term outlook for EURUSD pair remains bearish towards 1.1170 and 1.1120.

Bearish persistence below 1.1235 (Fibonacci 78.6%) is mandatory to pursue towards the next mentioned bearish targets.

Otherwise, another bullish pullback would be demonstrated towards 1.1280-1.1300.

Trade recommendations :

Based on previous recommendations, for those who sold the EURUSD around 1.1385 should lower their SL to 1.1250 to secure more profits.

Remaining TP levels to be located around 1.1170 and 1.1120.

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

March 28, 2019 : GBP/USD Intraday technical analysis 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 was needed for confirmation of a bullish Flag pattern. However, significant bearish pressure was demonstrated below 1.3250 demonstrating a false bullish breakout above 1.3200 (the upper limit of the depicted bearish channel).

Hence, the short term outlook turned to become bearish towards 1.3150 - 1.3120 where the depicted uptrend line failed to provide any immediate bullish support.

Currently, further bearish decline should be expected towards 1.3020-1.3000 where the lower limit ofthe depicted movement channel is located.

On the other hand, The price level around 1.3150 (backside of the broken trendline) stands as an Intraday resistance/supply level where a valid SELL entry can be taken upon any bullish pullback.

Trade Recommendations:

Intraday traders should wait for a bullish pullback towards 1.3150 for a valid SELL entry.

SL to be located above 1.3190. TP levels to be located around 1.3100, 1.3050 and 1.3015.

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