Technical Analysis - page 3
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Technical Analysis and Trading Recommendations.
GBP/USD
July 21, 2011.
Pivot Point: 1.6128
Overview:
The GBPUSD is going to find a resistance at 1.6190, in order to form a double top at it on H4 chart. It should be noted that the price is very near of the moving average (200), meaning it will probably rebound of the level of 1.6190 to sign for Bearish market, with a first target of 1.6035, and continue towards 1.5950 if the price could brea the pivot point at 1.6128. However, if the price cannot break moving average (200), it will be a good sign to break the resistance at 1.6190 to resume towards 161.8 of Fibonacci expansion.
Recommendations:
1. Buy above 1.6200 with a first target of 1.6315, it might resume to 1.6400.
2. Sell below 1.6190 with a target of 1.6000.
Technical Levels:
R3: 1.6287
R2: 1.6226
R1: 1.6189
PP: 1.6128
S1: 1.6091
S2: 1.6030
S3: 1.5993
Technical Analysis.
EUR/GBP
July 21, 2011.
Daily:
The EUR/GBP rebounded from a strong Support at 0.8704, and started rising from 0.8751 has extended further to as high as 0.8800 to form a Hammer. Moreover, after it couldn't close below 50% Fibonacci retracement level on daily chart (0.8719), the market started showing the signs of Bullish market, and the price has been set above 50% Fibonacci five months ago (1st of June 2011). As well, It should be noted that the price has still been trapped between 50% Fibonacci retracement levels and 61.8%, therefore, the market indicates a Bullish opportunity on levels of 0.8750-0.8790, it will probably start upside movement at this area with a first target of 0.8900, and continues towards 0.8965. On other hand, it will be a good location for placing stop loss below 0.8700.
H4:
The EUR/GBP formed a double bottom at 0.8720 on H4 chart further rise could be seen turbulent and target would be at 38.2% of Fibonacci retracement level on H4 chart. The key support is at the cycle bottom only breaks below this level could trigger a new whole decline towards 0.8608, in order to form a new bottom in this spot.
Technical Analysis and Trading Recommendations.
EUR/USD
July 22, 2011.
Pivot Point: 1.4334
Overview:
As expected, the EUR/USD's rise from 1.4280 has extended further to started showing the signs of Bullish market. As well, it should be noted that the price has still been trapped between 61.8% Fibonacci Retracement levels and 100%. Moreover, the pair has been set above 50% Fibonacci five months ago (18th of March 2011). Therefore, the market indicates a Bullish opportunity on level of 1.4350 with a first target of 1.4480, and continues towards 1.4530. if a break the level of 1.4280 it will call for downtrend in order to continue Bearish towards 1.4135.
Recommendations:
Buy above 1.4350 with a first target of 1.4480 and 1.4530 as the second target.
Sell below 1.4280 and take profit at 1.4150.
Technical levels:
R3: 1.4829
R2: 1.4633
R1: 1.4530
PP: 1.4334
S1: 1.4231
S2: 1.4035
S3: 1.3932
Technical Analysis.
GBP/USD
July 22, 2011.
Pivot Point: 1.6291
Overview:
According to previous events, the GBP/USD couldn't form a double top on H4 chart and broke the resistance at 1.6190. It turned back to support, therefore the market started showing the signs of Bullish market because the pair has already formed a strong Support at 1.6200 on H4 chart. As well, the RSI is still calling for a new uptrend on daily chart, moreover, it should be also noted that the price is above of the moving average (200), so it is a good sign to Buy above 1.6280 with a first target of 1.6375. to resume towards 161.8 of Fibonacci expansion. On other hand, it will be a good location for placing stop loss below 1.6200.
Technical Levels:
R3: 1.6478
R2: 1.6408
R1: 1.6361
PP: 1.6291
S1: 1.6244
S2: 1.6174
S3: 1.6127
Technical Analysis and Trading Recommendations.
EUR/USD
July 25, 2011.
Pivot Point: 1.4372
Overview:
As expected, the EUR/USD's rise from 1.4280 has extended further to started showing the signs of Bullish market. As well, it should be noted that the price has still been trapped between 61.8% Fibonacci Retracement levels and 100%. Moreover, the pair has been set above 50% Fibonacci five months ago (18th of March 2011). Therefore, the market indicates a Bullish opportunity on level of 1.4292 with a first target of 1.4480, and continues towards 1.4530. if a break the level of 1.4280 it will call for downtrend in order to continue Bearish towards 1.4135.
Recommendations:
According to previous events, the price has still trapped between 1.4299 and 1.4437.
Buy above 1.4300 with a first target of 1.4480 and continues toward 1.4530.
Sell below 1.4280 and take profit at 1.4135.
Technical levels:
R3: 1.4536
R2: 1.4486
R1: 1.4422
PP: 1.4372
S1: 1.4308
S2: 1.4258
S3: 1.4194
Technical Analysis.
GBP/USD
July 25, 2011.
Pivot Point: 1.6300
Overview:
According to previous events, the GBP/USD broke the resistance at 1.6190. It turned back to support, therefore the market started showing the signs of Bullish market because the pair has already formed a strong Support at 1.6200 on H4 chart. As well, the RSI is still calling for a new uptrend on daily chart, moreover, it should be also noted that the price is above of the moving average (200), so it is a good sign to Buy above 1.6260 with a first target of 1.6385, to resume towards 161.8 of Fibonacci expansion. On other hand, it will be a good location for placing stop loss below 1.6190.
Technical Levels:
R3: 1.6409
R2: 1.6373
R1: 1.6336
PP: 1.6300
S1: 1.6263
S2: 1.6227
S3: 1.6190