2018-11-16
Overview:
The EUR/USD pair dropped from the level of 1.1467 to the bottom around 1.1215. But the pair rebounded from the bottom of 1.1215 to close at 1.1347. Probably; historic will repeats itself again. Today, the first support level is seen at 1.1215, and the price is moving in a bearish channel now. Furthermore, the price has been set below the strong resistance at the level of 1.1312, which coincides with the 23.6% Fibonacci retracement level. This resistance has been rejected several times confirming the downtrend. Additionally, the RSI starts signaling a downward trend. As a result, if the EUR/USD pair is able to break out the first support at 1.1215 , the market will decline further to 1.1134 in order to test the weekly support 2. In the H4 time frame, the pair will probably go down because the downtrend is still strong. Consequently, the market is likely to show signs of a bearish trend. So, it will be good to sell below the level of 1.1215 with the first target at 1.1170 and further to 1.1134. At the same time, the breakdown of 1.1312 will allow the pair to go further up to the levels of 1.1467 in order to retest the major resistance.
Intraday technical levels and trading recommendations for EUR/USD for November 16, 2018
2018-11-16
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, Temporary bullish recovery was demonstrated around 1.1300. Hence, another bullish pullback was executed towards 1.1499 (the upper limit of the supply zone) where another descending high was established.
As for the bearish side of the market to remain dominant, the EUR/USD pair should continue trading below the price zone of 1.1300-1.1275. Initial bearish target would located around 1.1100.
Bearish persistence below 1.1275 is mandatory to allow a further decline towards 1.1100.
However, early signs of bullish recovery were demonstrated around 1.1275. This would enhance the bullish side of the market towards 1.1400 again.
Thus, the EUR/USD pair remains trapped within a narrow price range (1.1275-1.1400) until a breakout occurs in either directions.
Technical analysis of GBP/USD for November 16, 2018
2018-11-16
Overview:
Pivot point: 1.3072.
The GBP/USD pair broke resistance, which turned into strong support at 1.2925. Right now, the pair is trading above this level. It is likely to trade in a higher range as long as it remains above the support (1.2925), which is expected to act as a major support today. Therefore, there is a possibility that the GBP/USD pair will move upwards and the structure does not look corrective. The trend is still below the 100 EMA, so the bullish outlook remains the same as long as the 100 EMA is headed to the upside. From this point of view, the first resistance level is seen at 1.3072 followed by 1.3176, while daily support 1 is seen at 1.3000 (50% Fibonacci retracement). According to the previous events, the GBP/USD pair is still moving between the levels of 1.3000 and 1.3176; so we expect a range of 176 pips. Consequently, buy above the level of 1.3000 with the first target at 1.3072 so as to test the daily resistance 1 and further to 1.3176. Besides, the level of 1.3176 is a good place to take profit because it will form a double top. On the contrary, in case a reversal takes place and the GBP/USD pair breaks through the support level of 1.3000, a further decline to 1.2925 can occur, which would indicate a bearish market. Overall, we still prefer the bullish scenario, which suggests that the pair will stay below the zone of 1.2840.
Intraday technical levels and trading recommendations for GBP/USD for November 16, 2018
2018-11-16
On September 21, the GBP/USD failed to demonstrate sufficient bullish momentum above 1.3296. The short-term outlook turned to become bearish to test the backside of the broken uptrend.
On H4 chart, the GBP/USD pair looked oversold around the price levels of 1.2700 where profitable BUY entries were suggested.
A Quick bullish movement was demonstrated towards the price level of 1.3170-1.3200 where the depicted downtrend came to meet the GBP/USD pair.
Last week, signs of bearish rejection were demonstrated around the price zone of 1.3170-1.3200 (the depicted downtrend).
This initiated the current bearish pullback towards the depicted demand-zone of (1.2850-1.2780) where early signs of bullish rejection were recently demonstrated.
Earlier this week, the GBP/USD pair failed to establish a successful bullish breakout above the price level of 1.2980 (key-level for the short-term scenario). That's why, a quick bearish decline was demonstrated towards the price level of 1.2780.
Bullish persistence above the price zone of 1.2850-1.2780 (demand-zone) is needed to prevent further bearish decline and to allow another bullish movement to occur towards 1.2980.
On the other hand, bearish persistence below 1.2780 allows a further decline towards 1.2700 and 1.2670.
EUR/USD analysis for November 16, 2018
2018-11-16
Recently, the EUR/USD pair has been trading sideways at the price of 1.1325. Anyway, according to the H1 time – frame, I found a fake breakout of the yesterday's high at the price of 1.1363, which is a sign that buyers got trapped. I also found a breakout of the support trendline and a hidden bearish divergence on the MACD oscillator, which is another sign of weakness. My advice is to watch for selling opportunities. The downward targets are set at the price of 1.1270 and at the price of 1.12015.
Analysis of Gold for November 16, 2018
2018-11-16
Recently, Gold has been trading upwards. The price tested the level of $1,217.89. Anyway, according to the H1 time – frame, I found a potential bearish flag pattern in creation, which is a sign that buying looks risky. A pace of delcine is slow and my advice is to watch for a potential breakout of the bearish flag to confirm further downward continuation. The downward targets are set at the price of $1,207.50 and at the price of $1,197.80.
The EUR/USD pair dropped from the level of 1.1467 to the bottom around 1.1215. But the pair rebounded from the bottom of 1.1215 to close at 1.1347. Probably; historic will repeats itself again. Today, the first support level is seen at 1.1215, and the price is moving in a bearish channel now. Furthermore, the price has been set below the strong resistance at the level of 1.1312, which coincides with the 23.6% Fibonacci retracement level. This resistance has been rejected several times confirming the downtrend. Additionally, the RSI starts signaling a downward trend. As a result, if the EUR/USD pair is able to break out the first support at 1.1215 , the market will decline further to 1.1134 in order to test the weekly support 2. In the H4 time frame, the pair will probably go down because the downtrend is still strong. Consequently, the market is likely to show signs of a bearish trend. So, it will be good to sell below the level of 1.1215 with the first target at 1.1170 and further to 1.1134. At the same time, the breakdown of 1.1312 will allow the pair to go further up to the levels of 1.1467 in order to retest the major resistance.
Intraday technical levels and trading recommendations for EUR/USD for November 16, 2018
2018-11-16
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, Temporary bullish recovery was demonstrated around 1.1300. Hence, another bullish pullback was executed towards 1.1499 (the upper limit of the supply zone) where another descending high was established.
As for the bearish side of the market to remain dominant, the EUR/USD pair should continue trading below the price zone of 1.1300-1.1275. Initial bearish target would located around 1.1100.
Bearish persistence below 1.1275 is mandatory to allow a further decline towards 1.1100.
However, early signs of bullish recovery were demonstrated around 1.1275. This would enhance the bullish side of the market towards 1.1400 again.
Thus, the EUR/USD pair remains trapped within a narrow price range (1.1275-1.1400) until a breakout occurs in either directions.
Technical analysis of GBP/USD for November 16, 2018
2018-11-16
Overview:
Pivot point: 1.3072.
The GBP/USD pair broke resistance, which turned into strong support at 1.2925. Right now, the pair is trading above this level. It is likely to trade in a higher range as long as it remains above the support (1.2925), which is expected to act as a major support today. Therefore, there is a possibility that the GBP/USD pair will move upwards and the structure does not look corrective. The trend is still below the 100 EMA, so the bullish outlook remains the same as long as the 100 EMA is headed to the upside. From this point of view, the first resistance level is seen at 1.3072 followed by 1.3176, while daily support 1 is seen at 1.3000 (50% Fibonacci retracement). According to the previous events, the GBP/USD pair is still moving between the levels of 1.3000 and 1.3176; so we expect a range of 176 pips. Consequently, buy above the level of 1.3000 with the first target at 1.3072 so as to test the daily resistance 1 and further to 1.3176. Besides, the level of 1.3176 is a good place to take profit because it will form a double top. On the contrary, in case a reversal takes place and the GBP/USD pair breaks through the support level of 1.3000, a further decline to 1.2925 can occur, which would indicate a bearish market. Overall, we still prefer the bullish scenario, which suggests that the pair will stay below the zone of 1.2840.
Intraday technical levels and trading recommendations for GBP/USD for November 16, 2018
2018-11-16
On September 21, the GBP/USD failed to demonstrate sufficient bullish momentum above 1.3296. The short-term outlook turned to become bearish to test the backside of the broken uptrend.
On H4 chart, the GBP/USD pair looked oversold around the price levels of 1.2700 where profitable BUY entries were suggested.
A Quick bullish movement was demonstrated towards the price level of 1.3170-1.3200 where the depicted downtrend came to meet the GBP/USD pair.
Last week, signs of bearish rejection were demonstrated around the price zone of 1.3170-1.3200 (the depicted downtrend).
This initiated the current bearish pullback towards the depicted demand-zone of (1.2850-1.2780) where early signs of bullish rejection were recently demonstrated.
Earlier this week, the GBP/USD pair failed to establish a successful bullish breakout above the price level of 1.2980 (key-level for the short-term scenario). That's why, a quick bearish decline was demonstrated towards the price level of 1.2780.
Bullish persistence above the price zone of 1.2850-1.2780 (demand-zone) is needed to prevent further bearish decline and to allow another bullish movement to occur towards 1.2980.
On the other hand, bearish persistence below 1.2780 allows a further decline towards 1.2700 and 1.2670.
EUR/USD analysis for November 16, 2018
2018-11-16
Recently, the EUR/USD pair has been trading sideways at the price of 1.1325. Anyway, according to the H1 time – frame, I found a fake breakout of the yesterday's high at the price of 1.1363, which is a sign that buyers got trapped. I also found a breakout of the support trendline and a hidden bearish divergence on the MACD oscillator, which is another sign of weakness. My advice is to watch for selling opportunities. The downward targets are set at the price of 1.1270 and at the price of 1.12015.
Analysis of Gold for November 16, 2018
2018-11-16
Recently, Gold has been trading upwards. The price tested the level of $1,217.89. Anyway, according to the H1 time – frame, I found a potential bearish flag pattern in creation, which is a sign that buying looks risky. A pace of delcine is slow and my advice is to watch for a potential breakout of the bearish flag to confirm further downward continuation. The downward targets are set at the price of $1,207.50 and at the price of $1,197.80.
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