2018-08-30
EUR/USD is approaching its resistance at 1.1749 (61.8% Fibonacci extension, 38.2% Fibonacci retracement, horizontal swing high resistance) where it is expected to reverse down to its support at 1.1529 (50% Fibonacci retracement, horizontal swing low support).
Stochastic (55, 5, 3) is approaching its resistance at 96% where a corresponding reversal is expected.
EUR/USD is approaching its resistance where we expect to see a reversal.
Sell below 1.1749. Stop loss 1.1857. Take profit at 1.1529.
Fundamental Analysis of EUR/GBP for August 30, 2018
2018-08-30
EUR/GBP has been impulsive amid the bearish pressure recently which made the price proceed down below 0.9050 area towards the dynamic level of 20 EMA. EUR has been dominating GBP since the price broke above 0.8850 area with a daily close whereas certain bearish pressure was quite uncommon in the process.
The reason for such impulsive bearish pressure in the pair is that the exhaustion of the EUR buyers after persistently downbeat economic data, published recently. So, German GfK Consumer Climate report was published with a decrease to 10.5 which was expected to be unchanged at 10.6, French Consumer Spending also decreased to 0.1% which was also expected to be unchanged at 0.3%, and French Prelim GDP was published unchanged as expected at 0.2%. Moreover, today German Import Prices report was published with a decrease to -0.2% from the previous value of 0.5% which was expected to be at 0.0%.
On the GBP side, today M4 Money Supply report was published with a significant increase to 0.9% from the previous value of -0.3% which was expected to be at 0.2%, Mortgage Approvals remained unchanged at 65k and Net Lending to Individuals decreased to 4.0B from the previous figure of 5.4B which was expected to increase to 5.5B.
Meanwhile, GBP has been quite firm in light of economic reports published today, whereas EUR is still struggling. Though EUR has been the dominating currency in the pair, certain volatility is expected in the pair in the coming days which might lead to certain GBP gains in the process. However, it is expected to be short-lived if the eurozone publishes better-than-expected economic data in the short term.
Now let us look at the technical view. The price is currently residing at the edge of dynamic level 20 EMA which has been quite successful holding the price higher for a several times earlier. Recent bearish momentum was quite impulsive which engulfed the previous bullish price actions. Nevertheless, as the price remains above the dynamic level of 20 EMA and 0.8950 with a daily close, the bullish bias is expected to continue further with a target towards 0.9050 and later towards 0.9250 area in the future.
SUPPORT: 0.8950, 0.8850
RESISTANCE: 0.9050, 0.9250
BIAS: BULLISH
MOMENTUM: NON-VOLATILE
Intraday technical levels and trading recommendations for EUR/USD for August 30, 2018
2018-08-30
In April 2018, the EUR/USD pair outlook turned to become bearish when the pair pursued trading below the lower limit of the depicted consolidation range (1.2200).
The price level of 1.1500 offered temporary bullish recovery towards 1.1830. The EUR/USD bulls failed to pursue towards higher bullish targets. Instead, a descending high was established around 1.1800.
On the weekly chart, the EUR/USD pair tested the price zone of 1.1400-1.1300 where the depicted trend lines were located on the chart.
On August 10, temporary bearish closure below 1.1400 was achieved. This allowed further bearish decline towards 1.1300 where evident bullish recovery was demonstrated.
This week, the current bullish pullback is persisting above 1.1520, the bearish scenario would be hindered for the short-term. Further bullish advancement should be expected towards 1.1750.
Conservative traders should be watching the next price zone (1.1750-1.1850) for evident bearish rejection and a valid SELL entry. Initial Bearish targets would be located at 1.1550 and 1.1420.
On the other hand, For the weekly Head & Shoulders reversal pattern to be confirmed, the EUR/USD pair needs obvious bearish persistence below 1.1400.
Trade Recommendations:
The price zone of 1.1750-1.1850 should be watched for a valid SELL entry. S/L should be located above 1.1880. T/P levels to be located at 1.1550 and 1.1420.
EUR/USD short-term technical levels and trading recommendations for for August 30, 2018
2018-08-30
In April, bearish breakdown of 0.7220-0.7170 (lower limit of the consolidation range) allowed quick bearish decline towards 0.6700-0.6800 where narrow ranged consolidation range was established.
On July 7, evident bullish rejection pushed the NZD/USD pair above 0.6820 temporarily.
However, lack of bullish momentum made the bulls fail to maintain enough bullish momentum above 0.6700.
On August 9, bearish breakout below the depicted consolidation range (0.6700-0.6840) was executed. This allowed the recent bearish decline to occur towards 0.6600-0.6570.
The NZD/USD pair outlook turned to be bearish. Bearish targets are projected towards the price levels of 0.6520 and 0.6480.
Recently, early signs of bullish recovery were manifested around the recent low around 0.6550. This allowed the current bullish pullback to be demonstrated.
Conservative traders should wait for bullish pullback towards 0.6750 for a low-risk SELL entry. S/L should be placed above 0.6850 while T/P levels should be located at 0.6620 and 0.6550.
Technical analysis of NZD/USD for August 30, 2018
2018-08-30
Overview:
The NZD/USD pair couldn't break support at the level of 0.6650. The level of 0.6650 coincides with 38.250% of Fibonacci retracement which is expected to act as major support today. Equally important, the RSI is still signaling that the trend is upward, while the moving average (100) is headed to the upside. Accordingly, the bullish outlook remains the same as long as the EMA 100 is pointing to the uptrend. This suggests that the pair will probably go above the daily pivot point (0.6676) in the coming hours. The NZD/USD pair will demonstrate strength following a breakout of the high at 0.9958. Consequently, the market is likely to show signs of a bullish trend. In other words, buy orders are recommended above 0.6676 with the first target at 0.6712. Then, the pair is likely to begin an ascending movement to the 0.6733 mark and further to the 0.6759 levels. The level of 0.6759 will act as strong resistance, because the double top is already set at 0.6759. On the other hand, the daily strong support is seen at 0.6624. If the NZD/USD pair is able to break out the level of 0.6624, the market will decline further to 0.6540.
Technical analysis of EUR/USD for August 30, 2018
2018-08-30
The NZD/USD pair couldn't break support at the level of 0.6650. The level of 0.6650 coincides with 38.250% of Fibonacci retracement which is expected to act as major support today. Equally important, the RSI is still signaling that the trend is upward, while the moving average (100) is headed to the upside. Accordingly, the bullish outlook remains the same as long as the EMA 100 is pointing to the uptrend. This suggests that the pair will probably go above the daily pivot point (0.6676) in the coming hours. The NZD/USD pair will demonstrate strength following a breakout of the high at 0.9958. Consequently, the market is likely to show signs of a bullish trend. In other words, buy orders are recommended above 0.6676 with the first target at 0.6712. Then, the pair is likely to begin an ascending movement to the 0.6733 mark and further to the 0.6759 levels. The level of 0.6759 will act as strong resistance, because the double top is already set at 0.6759. On the other hand, the daily strong support is seen at 0.6624. If the NZD/USD pair is able to break out the level of 0.6624, the market will decline further to 0.6540.
Technical analysis of EUR/USD for August 30, 2018
2018-08-30
Overview:
The EUR/USD pair will continue to rise from the level of 1.1612. The support is found at the level of 1.1612, which represents the 78.6% Fibonacci retracement level in the H1 time frame. The price is likely to form a double bottom. Today, the major support is seen at 1.1612, while immediate resistance is seen at 1.1697. Accordingly, the EUR/USD pair is showing signs of strength following a breakout of a high at 1.1697. So, buy at the level of 1.1697 with the first target at 1.1782 in order to test the daily resistance 1 and move further to 1.1865. Also, the level of 1.1865 is a good place to take profit because it will form a new double top. Amid the previous events, the pair is still in an uptrend; for that we expect the EUR/USD pair to climb from 1.1697 to 1.1865 today. At the same time, in case a reversal takes place and the EUR/USD pair breaks through the support level of 1.1612, a further decline to 1.1500 can occur, which would indicate a bearish market.
EUR/USD analysis for August 30, 2018
2018-08-30
Recently, the EUR/USD pair has been trading sideways at the price of 1.1696. According to the M30 time – frame, I found the price rejected from the resistance pivot cluster at 1.1708, which is a sign that buying looks very risky. I also found a hidden bearish divergence on the stochastic oscillator, which is another sign of weakness. My advice is to watch for selling opportunities. The downward targets are set at the price of 1.1652 and at the price of 1.1630.
Resistance levels:
R1: 1.1727
R2: 1.1747
R3: 1.1785
Support levels:
S1: 1.1669
S2: 1.1631
S3: 1.1611
Trading recommendations for today: watch for selling opportunities.
EUR/USD short-term technical levels and trading recommendations for for August 30, 2018
2018-08-30
The EUR/USD pair has been trending-up for the past few days. This bullish movement has been demonstrated within the depicted bullish linear regression channels.
Since Tuesday, lack of enough bullish momentum was demonstrated on the chart. The EUR/USD pair failed to maintain enough bullish momentum so that recent movement has turned into sideway consolidations.
For the bearish reversal scenario to be confirmed, bearish breakout below 1.1670-1.1655 (the lower limit of the movement channels) is needed.
This would enhance the short-term bearish scenario for the EUR/USD pair. Intraday bearish target would be located around 1.1600.
On the other hand, bullish persistence above 1.1650 invalidates the bearish scenario for the short-term. Instead, the EUR/USD pair would keep moving within the depicted linear regression channels (1.1750 and 1.1650).
The EUR/USD pair will continue to rise from the level of 1.1612. The support is found at the level of 1.1612, which represents the 78.6% Fibonacci retracement level in the H1 time frame. The price is likely to form a double bottom. Today, the major support is seen at 1.1612, while immediate resistance is seen at 1.1697. Accordingly, the EUR/USD pair is showing signs of strength following a breakout of a high at 1.1697. So, buy at the level of 1.1697 with the first target at 1.1782 in order to test the daily resistance 1 and move further to 1.1865. Also, the level of 1.1865 is a good place to take profit because it will form a new double top. Amid the previous events, the pair is still in an uptrend; for that we expect the EUR/USD pair to climb from 1.1697 to 1.1865 today. At the same time, in case a reversal takes place and the EUR/USD pair breaks through the support level of 1.1612, a further decline to 1.1500 can occur, which would indicate a bearish market.
EUR/USD analysis for August 30, 2018
2018-08-30
Recently, the EUR/USD pair has been trading sideways at the price of 1.1696. According to the M30 time – frame, I found the price rejected from the resistance pivot cluster at 1.1708, which is a sign that buying looks very risky. I also found a hidden bearish divergence on the stochastic oscillator, which is another sign of weakness. My advice is to watch for selling opportunities. The downward targets are set at the price of 1.1652 and at the price of 1.1630.
Resistance levels:
R1: 1.1727
R2: 1.1747
R3: 1.1785
Support levels:
S1: 1.1669
S2: 1.1631
S3: 1.1611
Trading recommendations for today: watch for selling opportunities.
EUR/USD short-term technical levels and trading recommendations for for August 30, 2018
2018-08-30
The EUR/USD pair has been trending-up for the past few days. This bullish movement has been demonstrated within the depicted bullish linear regression channels.
Since Tuesday, lack of enough bullish momentum was demonstrated on the chart. The EUR/USD pair failed to maintain enough bullish momentum so that recent movement has turned into sideway consolidations.
For the bearish reversal scenario to be confirmed, bearish breakout below 1.1670-1.1655 (the lower limit of the movement channels) is needed.
This would enhance the short-term bearish scenario for the EUR/USD pair. Intraday bearish target would be located around 1.1600.
On the other hand, bullish persistence above 1.1650 invalidates the bearish scenario for the short-term. Instead, the EUR/USD pair would keep moving within the depicted linear regression channels (1.1750 and 1.1650).
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