2017-09-11
Overview:
The EUR/USD pair fell from the level of 1.2091 to bottom at 1.1998 this morning. Today, the EUR/USD pair has faced strong support at the levels of 1.1988 and 1.1957. So, the strong support has been already faced at the levels of 1.1988 and 1.1957 and the pair is likely to try to approach it in order to test it again and form a double bottom. Hence, the EUR/USD pair is continuing to trade in a bullish trend from the new support area of 1.1988 and 1.1957; to form a bullish channel. According to the previous events, we expect the pair to move between 1.1960 and 1.2050. Also, it should be noted major resistance is seen at 1.2059, while immediate resistance is found at 1.2033. Then, we may anticipate potential testing of 1.2033 to take place soon. Moreover, if the pair succeeds in passing through the level of 1.2033, the market will indicate a bullish opportunity above the level of 1.2033. A breakout of that target will move the pair further upwards to 1.2059. Buy orders are recommended above the area of 1.1988 with the first target at the level of 1.2033; and continue towards 1.2059. On the other hand, the stop loss should be placed below the major support of 1.1957.
Intraday technical levels and trading recommendations for EUR/USD for September 11, 2017
2017-09-11
Monthly Outlook
In January 2015, the EUR/USD pair moved below the major demand levels near 1.2050-1.2100 (multiple previous bottoms set in July 2012 and June 2010). Hence, a long-term bearish target was projected toward 0.9450.
In March 2015, EUR/USD bears challenged the monthly demand level around 1.0500, which had been previously reached in August 1997.
In the longer term, the level of 0.9450 remains a projected target if any monthly candlestick achieves bearish closure below the depicted monthly demand level of 1.0500.
However, the EUR/USD pair has been trapped within the depicted consolidation range (1.0500-1.1450) until the current bullish breakout was executed above 1.1450.
The current bullish breakout above 1.1450 allows a quick bullish advance towards 1.2100 where price action should be watched for evident bearish rejection and a valid SELL Entry.
Daily Outlook
In January 2017, the previous downtrend reversed when the Head and Shoulders pattern was established around 1.0500. Since then, evident bullish momentum has been expressed on the chart.
As anticipated, the ongoing bullish momentum allowed the EUR/USD pair to pursue further bullish advance towards 1.1415-1.1520 (Previous Daily Supply Zone).
The daily supply zone failed to pause the ongoing bullish momentum. Instead, evident bullish breakout is being witnessed on the chart. The next Supply level to meet the pair is located around 1.2100 (Level of previous multiple bottoms) where bearish rejection and a valid SELL entry can be anticipated.
On the other hand, If bearish pullback persists below 1.1800 and 1.1700, the price zone of 1.1415-1.1520 can be watched for a valid BUY entry
NZD/USD Intraday technical levels and trading recommendations for September 11, 2017
2017-09-11
Daily Outlook
In February 2017, the depicted short-term downtrend was initiated around the depicted supply zone (0.7310-0.7380).
However, a recent bullish breakout above the downtrend line took place on May 22. Since then, the market has been bullish as depicted on the chart.
The price zone of 0.7150-0.7230 (Key-Zone) stood as a temporary resistance zone until a bullish breakout was expressed above 0.7230.
This resulted in a quick bullish advance towards the next supply zone around 0.7310-0.7380 which was temporarily breached to the upside.
Recent bearish pullback was executed towards the price zone of 0.7310-0.7380 (newly-established demand-zone) which failed to offer enough bullish support for the NZD/USD pair.
Re-consolidation below the price level of 0.7300 enhances the bearish side of the market. This brings the NZD/USD pair again towards 0.7230-0.7150 (Key-Zone) where recent weak bullish recovery was manifested earlier in September.
An atypical Head and Shoulders pattern is being expressed on the depicted chart indicating high probability of bearish reversal.
The current price levels of 0.7320-0.7350 can be watched for a valid SELL entry if enough bearish rejection is expressed.
Breakdown of the neckline 0.7150 confirms the reversal pattern. Expected bearish targets are located around 0.7050, 0.6925 and eventually 0.6800.
GBP/USD analysis for September 11, 2017
2017-09-11
Recently, the GBP/USD pair has been trading upward. The price tested the level of 1.3222 in a high volume. According to the 30M time frame, I found a broken bullish pennant formation, which is a sign that selling looks risky. Another sign of strength is that price covered down gap from the opening this week. My advice is to watch for potential buying opportunities. The short-term trend is billish. The upward targets are set at the price of 1.3250 and the price of 1.3300.
Resistance levels:
R1: 1.3200
R2: 1.3112
R3: 1.3225
Support levels:
S1: 1.3185
S2: 1.3170
S3: 1.3160
Trading recommendations for today: watch for potential buying opportunities.
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