Technical analysis on EU,GU and majors

[bhanu545]

Trading in the range yesterday did not allow the EUR/USD currency pair to choose further direction. Nevertheless, the narrow price range allowed the pair to form the wave structure that now looks like a part of the future 4th wave in the c, in the estimated B. If so, after the activity on the markets resumes and the decline within the 4th wave ends, the euro might continue advancing in the direction of the targets located above the 44 figure level.

Performed by Alexander Dneprovskiy, Analytical expert
InstaForex Companies Group © 2007-2011

[bhanu545]

The United Kingdom pound – United States dollar pair is showing signs of a change in trend, a daily close bellow of the downtrend line, will be a clear signal to sell short even the nearest support level at 1.6250. It is important to point out that the pair could return to its previous low point. If it fails to break through the 1.6205 weekly support level. Such a drop will create an additional opportunity to pick up the pair at a low and attractive buy price.

Performed by Gerardo Porras Palomino, Analytical expert
InstaForex Companies Group © 2007-2011

[bhanu545]

The spot rate is currently testing the intermediate resistance of its medium-term bearish channel at 1.6480 suggesting a decline. However a break of these levels would reach the upper limit of this one to 1.6550.

According to previous events, the market indicates a bullish opportunity as soon as the spot rate will have broken its resistance in 1.6480 with a 1st objective of 1.6550, then 1.6580. A break in 1.6460 would invalidate this scenario.

Performed by Albert Fitoussi, Analytical expert
InstaForex Companies Group © 2007-2011

[bhanu545]

Yesterday’s growth of the EUR/USD to the targets located above the 44 figure level might indicate the end of forming of the upside trend section initiated May 23. At the same time we cannot eliminate the possibility that the price will form even more complicates inner wave structure of the 5th wave in the c, in the estimated B. In the meantime, we should note the fact that if the euro cannot develop the upside movement, the euro will be able to decline to 1.4000.

Performed by Alexander Dneprovskiy, Analytical expert
InstaForex Companies Group © 2007-2011

[bhanu545]

The spot rate is currently testing the lower limit of its medium-term bullish channel at 1.4320 suggesting a rebound. However a break of these levels would free a large downside potential and initiate a new trend.

According to previous events, the market indicates a bullish opportunity on the levels of 1.4320 with a 1st objective of 1.4420, then 1.4450. A break in 1.4290 would invalidate this scenario.

Performed by Albert Fitoussi, Analytical expert
InstaForex Companies Group © 2007-2011

[bhanu545]

The spot rate is currently testing the intermediate support of its medium-term bullish channel at 1.6310 and seems to start a rebound. However a break of these levels would entail a return to the lower limit of this one to 1.6090.

According to previous events, the market indicates a bullish opportunity on the levels of 1.6310 with a 1st objective of 1.6420, then 1.6450. A break in 1.6280 would invalidate this scenario.

Performed by Albert Fitoussi, Analytical expert
InstaForex Companies Group © 2007-2011

[bhanu545]

The Euro-United States dollar pair in this moment is negotiating between the levels of 50% to 61.8% Fibonacci retracement. The resistance level of 1.4550 and the 61.8% Fibonacci retracement line could serve as a short input signal to continue the trend that had started to the weekly support line around the 1.4200 level.

Therefore, if the pair continues its upward force would meet strong resistance at 1.4550 levels could a clear opportunity to take short positions.

Performed by Gerardo Porras Palomino, Analytical expert
InstaForex Companies Group © 2007-2011

[bhanu545]

The United Kingdom pound – United States dollar pair will continue its drop until the 1.6200 support level. However, this is seen as only as a correction and so, we should continue look for the entry point so long as the price is at relatively low levels. In the long term, the pair still has a long way to go until it reaches its final target point at 1.6660. Also, it is important to point out the STOP/LOSS point situated far below the weekly support level of 1.6200

Performed by Gerardo Porras Palomino, Analytical expert
InstaForex Companies Group © 2007-2011

[bhanu545]

The spot rate is currently testing the upper limit of its medium-term bullish channel at 1.4660 and seems starting to decline. However a break of these levels would free up significant potential and initiate a bullish trend more violent.

According to previous events, the market indicates a bearish opportunity on the levels of 1.4660 with a 1st objective of 1.4560, then 1.4520. A break in 1.4690 would invalidate this scenario.

Performed by Albert Fitoussi, Analytical expert
InstaForex Companies Group © 2007-2011

[bhanu545]

The spot rates approach the upper limit of its medium-term bearish channel to 1.6470 suggesting a decline in the short term. However a break of these levels would free up significant potential and initiate a new trend.

According to previous events, the market indicates a bullish opportunity as soon as the spot rate will have broken its resistance in 1.6470 with a 1st objective of 1.6550, then 1.6580. A break in 1.6450 would invalidate this scenario.

Performed by Albert Fitoussi, Analytical expert
InstaForex Companies Group © 2007-2011