On the daily chart, bulls decided to take a pause after reaching the maximal level since the end of August. Until then, as long as the quotes are above support at 1.2462 (23.8% of the last medium-term term descending wave), buyers remain in control of the pair.
On H1, USD/CAD pulled back down after reaching resistance at 88.6% of the last descending wave and 161.8% target of AB=CD. To resume the uptrend bulls need to push the pair above 1.2595.
EUR/USD: 34 MA ACTING AS RESISTANCE
08:29 10.10.2017
The 34 Moving Average is acting as resistance, but the market is likely going to reach the next resistance at 1.1822 - 1.1837 in the short term. If a pullback from this area happens, we could have a decline towards the nearest support at 1.1739 - 1.1714.
The price has been rising since a pullback from the downtrend happened. The main intraday target is the closest resistance at 1.1822 - 1.1831, which could be a departure point for a bearish correction.
GBP/USD: MARKET GOING TO TEST 89 MA
08:31 10.10.2017
There's a "V-Bottom", so the price is consolidating. It's likely that the market is going to test the 89 Moving Average in the short term. If a pullback from this line happens, there'll be an opportunity to have a decline towards the nearest support at 1.3150 - 1.3115.
The 55 Moving Average acted as resistance. At the same time, bulls are likely going to test the closest resistance at 1.3221 - 1.3256 during the day. If we see a pullback from these levels, bears will probably try to test another support at 1.3150 - 1.3115 afterwards.
EUR/USD: EXTENSION IN WAVE (III) OF
08:54 10.10.2017
The price has been rising since a pullback from 0/8 MM Level happened. So, there's a developing bullish impulse, which could be wave . The main intraday target is 2/8 MM Level.
There's an extension in wave (iii) of , which hasn't been finished yet. Therefore, the price is likely going to test 3/8 MM Level, which could be a departure point for wave (iv). Nevertheless, bulls will try to reach 4/8 MM Level afterwards.
The price is still consolidating above the upper "Window". Also, there are a "Tweezers" and an "Engulfing" patterns, which both have been formed at the last high. So, bears are likely going to test the 89 Moving Average soon.
There's an opportunity to have any bullish pattern on the achieved "Window" level. If so, we're likely going to have a local upward correction. Nevertheless, bears will try to deliver another decline.
The last "High Wave" pattern led to an achievement of the 55 Moving Average, which acted as resistance. However, bulls are likely going to test the 89 Moving Average in the short term. If a pullback from this line happens little later on, we could have another decline.
There's a "Three Methods" pattern, which pushed the price even higher, so the 144 MA has been broken. Meanwhile, there's an opportunity to have a downward correction towards the nearest support, which could be a departure point for just another bullish price movement.
EUR/USD: 89 MA ACTED AS RESISTANCE
06:56 11.10.2017
The 89 Moving Average has acted as resistance, so the price is consolidating. Nevertheless, the pair is likely going to test the next resistance at 1.1848 - 1.1860 in the short term. If a pullback from this area happens little later on, there'll be an opportunity to have a bearish correction towards the nearest support at 1.1793 - 1.1772.
The price is consolidating between the levels 1.1822 - 1.1793. The main intraday target is the closest resistance at 1.1848 - 1.1860. However, if we see a pullback from these levels, bears will probably try to achieve another support at 1.1822 - 1.1793.
GBP/USD: LOCAL "DOUBLE TOP" PATTERN
06:57 11.10.2017
There's a consolidation, which is taking place under the nearest resistance at 1.3221. The main intraday target is the closest support at 1.3182 - 1.3150. If we have a pullback from this area, bulls will probably try to reach the 89 Moving Average.
The 89 Moving Average has acted as resistance, so there's a "Double Top" pattern. In this case, the market is likely going to test the 34 MA during the day. Meanwhile, if a pullback from this line happens afterwards, there'll be an option to have an upward price movement in the direction of the next resistance at 1.3221 - 1.3256.
Wave 4 may have been formed, cause there's a pullback from 0/8 MM Level. Also, a bullish impulse in wave is about to end, so we could have a downward correction in the short term. The main intraday target for wave [ii] is 1/8 MM Level, which could be a departure point for wave [iii] of 5.
There's a developing impulse in wave . It's likely that wave (v) is going to end on 4/8 MM Level. Therefore, there's an opportunity to have wave [ii] during the day. In this case, we should keep an eye on 2/8 MM Level as an intraday bearish target.
The price is still consolidating. Also, there's a bullish "Engulfing" on the 55 Moving Average, but this pattern remains unconfirmed. So, the price is likely going to continue moving down until any reversal pattern arrives.
We've got a "Shooting Star" pattern, which has been formed on the 55 & 89 Moving Averages. In this case, the pair is likely going to test the nearest support area during the day.
EUR/USD: PRICE GOING TO TEST MOVING AVERAGES
12:23 11.10.2017
There's a bearish "Shooting Star", which has been formed on the 89 Moving Average. However, this pattern is still unconfirmed, so we could have just a local correction. Therefore, bulls are likely going to deliver a new local high soon.
At the same time, we've got a confirmed "Shooting Star" on the one-hour chart. So, the price is likely going to test the Moving Averages in the coming hours. If a pullback from these lines happens next, there'll be an opportunity to have another upward price movement.
EUR/USD: EURO TESTED SBB’S RESISTANCE
06:54 12.10.2017
Technical levels: support – 1.1850, 1.1830; resistance – 1.1890, 1.1940.
Trade recommendations:
Buy — 1.1850; SL — 1.1830; TP1 — 1.1890; TP2 – 1.1940.
Reason: bearish Ichimoku Cloud with rising Senkou Span A; a strong golden cross of Tenkan-sen and Kijun-se with rising Tenkan-sen and Kijun-sen; the prices are under Senkou Span B and will try to breakout.
Technical levels: support – 112.00, 111.60; resistance – 112.70.
Trade recommendations:
Sell — 112.20; SL — 112.40; TP1 — 111.60; TP2 — 111.30.
Reason: bullish Ichimoku Cloud, but falling Senkou Span A; a dead cross of Tenkan-sen and Kijun-sen with falling Tenkan-sen; but the market is under the Tenkan’s resistance.
EUR/USD: PRICE GOING TO CONTINUE RISING
07:13 12.10.2017
All the Moving Averages have been broken, so the market is likely going to continue moving up in the short term. The main bullish target is the nearest resistance at 1.1892 - 1.1914. If we have a pullback from this area, bears will try to test the closest support at 1.1837 - 1.1822.
Bulls faced with resistance at 1.1889, so the price is consolidating. In this case, bears are likely going to test the nearest support at 1.1848 - 1.1831 during the day. Meanwhile, if a pullback from these levels happens little later on, we could have another bullish rally towards the next resistance.
We've got a bullish "Pennant", which has been broken, so the price is still rising. It seems like the pair is ready to test the next resistance at 1.3290 - 1.3342. However, if we see a pullback from this area, there'll be an opportunity to have a decline in the direction of another support at 1.3221 - 1.3182.
The price faced with resistance at 1.3256, so there's a local consolidation. The 89 Moving Average is likely going to act as support during the day. If so, bulls will probably try to deliver a new local high afterwards.
The price has been rising since a pullback from 0/8 MM Level happened. Wave is about to end, so if 3/8 MM Level acts as resistance, we could have a downward correction. In this case, we should keep an eye on 1/8 MM Level as an intraday bearish target.
There's a developing bullish impulse in wave , which is likely going to end soon. Therefore, if a pullback from 6/8 MM Level happens in the coming hours, bears will probably try to test 2/8 MM Level afterwards.
The 55 Moving Average has acted as support. However, there's also resistance by the upper "Window". In this case, the price is likely going to test the 89 MA. If a pullback from this line happens, we could have another bullish rally.
There's a bearish "Harami", which has been formed at the last local high. This pattern has been confirmed afterwards, so the price is likely going to test the nearest support level during the day.
EUR/USD: "ENGULFING" ON THE UPPER "WINDOW"
11:55 12.10.2017
There's a bearish "Engulfing" pattern, which hasn't been confirmed yet. In this case, the market is likely going to test the 34 Moving Average, which could be a departure point for another upward price movement.
We've got an "Engulfing", which has been formed on the upper "Window". Therefore, the pair is likely going to decline in the short term. The main bearish target is the 144 Moving Average.
On the daily chart, the “Shark” pattern is transforming into 5-0. Pullbacks towards 38.2%, 50% and 61.8% of the wave CD are usually used for selling. The inability of bulls to lead the pair outside of the downtrend channel will point at their weakness.
On H1, EUR/USD keeps forming the “Widening wedge”. Pullbacks towards 23.6%, 38.2% and 50% of the wave 4-5 are usually used for buying. Long positions can be entered at 1.1715 and 1.1695.
On the daily chart, the “Shark” pattern is transforming into 5-0. Pullbacks towards 38.2%, 50% and 61.8% of the wave CD are usually used for buying.
On H1, a break below support at 0.8905-0.8915 will trigger the senior “Shark” pattern with targets at 61.8%, 78.6%, and 88.6%. Risks of the uptrend’s resumption will strengthen in case of a successful test of resistance at 0.9020 (88.6% of the wave CD of the junior “Shark” pattern).
