2018-11-02
Since September 13, the GBP/USD pair has been demonstrating a successful bullish breakout above the depicted daily downtrend line which came to meet the pair around 1.3025-1.3090.
On September 21, the GBP/USD failed to demonstrate sufficient bullish momentum above 1.3296. The short-term outlook turned to become bearish within the depicted H4 bearish channel to test the backside of the broken uptrend.
Bearish persistence below the price level of 1.2970 (50% Fibo level) enhanced further bearish decline towards 1.2790 where the lower limit of the movement channel and 79.8% Fibonacci Level were located.
On H4 chart, the GBP/USD pair looked oversold around the price levels of 1.2700. BUY entries were suggested around the lower limit of the depicted H4 channel (1.2690).
As for the bullish breakout scenario to remain valid, bullish persistence above 1.2790 (the depicted channel upper limit) and an early breakout above 1.3000 (50% Fibo level) were demonstrated to maintain sufficient bullish momentum towards 1.3130 and 1.3200.
On the other hand, bearish persistence below 1.2970 (50% Fibo level) allows further bearish decline towards 1.2790 and 1.2660.
That's why, price action should be watched around the backside of the price zone of 1.2970-1.3000 for further trading decisions.
Technical analysis of EUR/USD for November 02, 2018
2018-11-02
Overview:
Pivot: 1.1422.
The EUR/USD pair continues to move downwards from the areas of 1.1475 and 1.1422. Last week, the pair dropped from the level of 1.1475 to 1.1356. Today, resistance is seen at the levels of 1.1422 and 1.1475. So, we expect the price to set below the strong resistance at the levels of 1.1475 and 1.1422; because the price is in a bearish channel now. Also, it should be noted that the price of 1.1457 coincides with a ratio of 38.2% Fibonacci on the H4 chart. Amid the previous events, the price is still moving between the levels of 1.1422 and 1.1300. In overall, we still prefer the bearish scenario as long as the price is below the level of 1.1422. Furthermore, if the EUR/USD pair is able to break out the bottom at 1.1356, the market will decline further to 1.1295. However, if the price closes above the strong resistance of 1.1475, the best location for a stop loss order is seen above 1.1475.
Intraday technical levels and trading recommendations for EUR/USD for November 2, 2018
2018-11-02
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.
On September 10, the price level of 1.1500 offered temporary bullish recovery. Quick bullish movement was demonstrated towards the upper limit of the price range (1.1750). However, the EUR/USD bulls failed to pursue towards higher bullish targets.
On October 10, Recent bearish decline below 1.1520 found its way towards the price level of 1.1420.
However, Temporary bullish recovery around 1.1430 pushed the EUR/USD pair above 1.1520 until bearish breakdown of 1.1520 occurred again on October 17.
Hence, a descending high was established around 1.1600 enhancing the bearish side of the market.
However, recent bullish recovery was demonstrated around 1.1307. Another bullish breakout above 1.1400 was demonstrated again.
Next bullish destination would be located around 1.1520 where price action should be watched.
As for the bearish side of the market to remain dominant, the EUR/USD pair should pursue trading below the price level of 1.1400.
Technical analysis of USD/CHF for November 02, 2018
2018-11-02
Pivot: 1.1422.
The EUR/USD pair continues to move downwards from the areas of 1.1475 and 1.1422. Last week, the pair dropped from the level of 1.1475 to 1.1356. Today, resistance is seen at the levels of 1.1422 and 1.1475. So, we expect the price to set below the strong resistance at the levels of 1.1475 and 1.1422; because the price is in a bearish channel now. Also, it should be noted that the price of 1.1457 coincides with a ratio of 38.2% Fibonacci on the H4 chart. Amid the previous events, the price is still moving between the levels of 1.1422 and 1.1300. In overall, we still prefer the bearish scenario as long as the price is below the level of 1.1422. Furthermore, if the EUR/USD pair is able to break out the bottom at 1.1356, the market will decline further to 1.1295. However, if the price closes above the strong resistance of 1.1475, the best location for a stop loss order is seen above 1.1475.
Intraday technical levels and trading recommendations for EUR/USD for November 2, 2018
2018-11-02
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.
On September 10, the price level of 1.1500 offered temporary bullish recovery. Quick bullish movement was demonstrated towards the upper limit of the price range (1.1750). However, the EUR/USD bulls failed to pursue towards higher bullish targets.
On October 10, Recent bearish decline below 1.1520 found its way towards the price level of 1.1420.
However, Temporary bullish recovery around 1.1430 pushed the EUR/USD pair above 1.1520 until bearish breakdown of 1.1520 occurred again on October 17.
Hence, a descending high was established around 1.1600 enhancing the bearish side of the market.
However, recent bullish recovery was demonstrated around 1.1307. Another bullish breakout above 1.1400 was demonstrated again.
Next bullish destination would be located around 1.1520 where price action should be watched.
As for the bearish side of the market to remain dominant, the EUR/USD pair should pursue trading below the price level of 1.1400.
Technical analysis of USD/CHF for November 02, 2018
2018-11-02
Overview:
Pivot point: 0.9951.
The USD/CHF pair continues to move upwards from the level of 0.9951. Today, the first support level is currently seen at 0.9951, the price is moving in a bullish channel now. Furthermore, the price has been set above the strong support at the level of 0.9951, which coincides with the daily pivot point. This support has been rejected three times confirming the veracity of an uptrend. According to the previous events, we expect the USD/CHF pair to trade between 0.9951 and 1.0058. So, the support stands at 0.9951, while daily resistance is found at 1.0058. Therefore, the market is likely to show signs of a bullish trend around the spot of 1.0058. In other words, buy orders are recommended above the spot of 1.0058/0.9951with the first target at the level of 1.0142; and continue towards 1.0216. However, if the USD/CHF pair fails to break through the resistance level of 1.0058 today, the market will decline further to 0.9863.
Pivot point: 0.9951.
The USD/CHF pair continues to move upwards from the level of 0.9951. Today, the first support level is currently seen at 0.9951, the price is moving in a bullish channel now. Furthermore, the price has been set above the strong support at the level of 0.9951, which coincides with the daily pivot point. This support has been rejected three times confirming the veracity of an uptrend. According to the previous events, we expect the USD/CHF pair to trade between 0.9951 and 1.0058. So, the support stands at 0.9951, while daily resistance is found at 1.0058. Therefore, the market is likely to show signs of a bullish trend around the spot of 1.0058. In other words, buy orders are recommended above the spot of 1.0058/0.9951with the first target at the level of 1.0142; and continue towards 1.0216. However, if the USD/CHF pair fails to break through the resistance level of 1.0058 today, the market will decline further to 0.9863.
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