2018-09-18
On the weekly chart, the EUR/USD pair is demonstrating a high-probability Head and Shoulders reversal pattern where the right shoulder is currently in progress.
Recently, 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 daily chart, the EUR/USD pair is currently trapped between the depicted technical levels (1.1750 - 1.1500). As for the bearish side of the market to be dominant, the pair needs a quick bearish breakdown below 1.1500.
However, the price level of 1.1520 is still standing as a prominent demand level where the current bullish pullback was initiated.
As long as the price level of 1.1520 holds price above, another Bullish movement should expected towards the upper limit of the price range (1.1750) where bearish rejection should be anticipated.
On the other hand, any bullish breakout above 1.1750 will allow further bullish advance towards 1.1850.
Intraday technical levels and trading recommendations for GBP/USD for September 18, 2018
2018-09-18
The recent bearish momentum of the GBP/USD has shown signs of weakness since September 5 when an ascending bottom was established around 1.2800
The GBP/USD pair was recently testing the depicted downtrend line which came to meet the pair around 1.3025-1.3090. This week, the pair has been demonstrating a successful bullish breakout so far.
This price zone (1.3025-1.3090) also corresponds to 50% and 61.8% Fibonacci levels. These levels failed to offer enough bearish pressure.
Instead, the GBP/USD pair continues to demonstrate its uptrend within the depicted bullish channel on H4 chart.
As long as the current bullish breakout above 1.3090 (Demand level-1 and the lower limit of the H4 channel) is maintained, further bullish advancement should be expected towards 1.3200, 1.3250 and 1.3315.
On the other hand, any bearish decline below 1.3090 (Demand level-1) will probably invalidate the bullish scenario for the short-term. Hence, the pair would have lower targets around 1.3010 (Demand level-2).
EUR/USD short-term technical levels and trading recommendations for September 18, 2018
2018-09-18
The recent bullish movement of the EUR/USD pair ceased to be dominant since August 28.
Lack of enough bullish momentum is demonstrated on the chart so that recent movement has turned into sideways consolidations.
Earlier today, obvious bearish rejection was demonstrated around 1.1717. This allowed the current double-top reversal pattern to be demonstrated on the H1 chart.
This would enhance the short-term bearish scenario for the EUR/USD pair. Intraday bearish target levels would be located around 1.1670, 1.1640 and eventually 1.1615 ( lower limit of the channel ).
However, conservative traders should wait for bearish closure below 1.1670 (channel's mid-range and neckline of the reversal pattern) as a valid SELL signal. T/P levels should be located around 1.1640 and 1.1615.
EUR/USD analysis for September 18, 2018
2018-09-18
Recently, the EUR/USD pair has been trading upwards. The price tested the level of 1.1717. Anyway, according to the M30 time – frame, I found rejection of resistance 1 at the price of 1.1713, which is a sign that buying looks risky. Besides, the price rejected from the upper Keltner band (resistance) and there is a hidden bearish divergence on the 3/10 oscillator, which is another sign of weakness. Watch for selling opportunities. The downward targets are set at the price of 1.1665 and at the price of 1.1633.
GBP/USD analysis for September 18, 2018
2018-09-18
Recently, the GBP/USD pair has been trading upwards. The price tested the level of 1.3170. Anyway, according to the H1 time frame, I found rejection of the yesterday's high at the price of 1.3164, which is a sign that buying looks risky. I also found the hidden bearish divergence on the 3/10 oscillator and bearish outside bar (BEOB) in the background, which is another sign of weakness. Watch for selling opportunities. The downward targets are set at 1.3095, 1.3070 and 1.3034.
Intraday technical levels and trading recommendations for EUR/USD for September 4, 2018
2018-09-18
On the weekly chart, the EUR/USD pair is demonstrating a Head and Shoulders pattern where the right shoulder is currently in progress.
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.
For the bearish side of the market to be dominant, the pair needs quick bearish decline below 1.1500. Otherwise, the bearish scenario would be hindered for the short-term.
The resulting candlestick of the previous week is obviously bearish "Shooting-Star candlestick". This enhances the bearish side of the market for this week's consolidations.
For the weekly Head & Shoulders reversal pattern to be confirmed, the EUR/USD pair needs obvious bearish persistence below 1.1400.
The price zone of 1.1420 stands as a prominent demand zone to be watched for bullish rejection and possible bullish pullbacks.
The EUR/USD pair is currently trapped between the depicted technical levels (1.1750 - 1.1500). Breakout movement should be anticipated.
Bearish breakdown of 1.1520 will probably allow further bearish decline towards 1.1420. Next bearish target would be located around 1.1275.
For the major reversal pattern to be confirmed, bearish breakdown below 1.1275 is necessary to gain enough bearish momentum.
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