EUR/USD Technical Analysis for January 03, 2017.




Technical outlook and chart setups:

The EUR/USD pair looks to have finally pushed through the larger trend that is down and ruled out the former probability of an expanded flat discussed yesterday. The pair has pushed lower through 1.0400/1.0380 levels today and is seen to be trading at 1.0390 level for now, testing an intermediary support trend line as depicted here. Please note that 1.0650 level should act as formidable resistance now and selling on rallies should be the preferred strategy going ahead. It is now recommended to sell through 1.0550/55 levels, which is fibonacci 0.618 resistance of the entire drop between 1.0650 and 1.0380 levels respectively, with risk above 1.0650 level. Immediate support is seen at 1.0380 level, while resistance is seen at 1.0670 level respectively.

Trading recommendations: Sell around 1.0550 levels, stop at 1.0670, target 1.0000

Good luck!

Read more: https://www.instaforex.com/forex_analysis/86342

Elliott wave analysis of EUR/JPY for January 4, 2017



Wave summary:

The complex correction in wave (iv) continues to unfold in a very slow fashion. We are still looking for the possibility of a deeper corrective decline closer to 119.23. Since it is a wave four correction and we had a good idea that it would turn out to be complex from the onset of this wave, so no real surprise here. Resistance is seen at 123.33, but only a break above 123.85 will indicate that this wave (iv) correction already has completed and wave (v) higher to 126.54 is developing.

Trading recommendation: We are looking for a buying opportunity at 119.45 or upon a break above 123.85.

Read more: https://www.instaforex.com/forex_analysis/86364

EUR/USD profit target reached, time to turn bearish

Price is approaching major resistance at 1.0538 (Fibonacci retracement, bearish candlestick reversal) and we expect a drop from this level towards 1.0447 support (Fibonacci retracement, horizontal overlap support).

Stochastic (21,5,3) is also seeing major resistance at the 85% level.

Sell below 1.0538. Stop loss at 1.0593. Take profit at 1.0447.



Read more: https://www.instaforex.com/forex_analysis/86420

EUR/JPY remain bullish above major support

Price is above major support at 122.15 (Fibonacci retracement, horizontal overlap support, bullish divergence) and we expect a rise above this level to at least 122.83 resistance (Fibonacci retracement, recent swing high resistance).

Stochastic (21,5,3) is bouncing above our support and displays bullish divergence vs price.

Buy above 122.15. Stop loss at 121.89. Take profit at 122.83.



Read more: https://www.instaforex.com/forex_analysis/86498

Technical analysis of GBP/USD for January 09, 2017




Overview:

The GBP/USD pair continues to move downwards from the level of 1.2315, which represents the double top on the daily chart. Last week, the pair dropped from the level of 1.2315 to the bottom around 1.2175. Today, the first resistance level is seen at 1.2206 followed by 1.2315, while daily support is seen at the levels of 1.2118 and 1.2031. According to the previous events, the GBP/USD pair is still moving between the levels of 1.2206 and 1.2031 in coming hours. The first resistance stands at 1.2206, for that if the GBP/USD pair fails to break through the resistance level of 1.2206, the market will decline further to 1.2118. This would suggest a bearish market because the RSI indicator is still in a negative area and does not show any trend-reversal signs. The pair is expected to drop lower towards at least 1.2050 in order to test the second support (1.2031). On the contrary, if a breakout takes place at the resistance level of 1.2315(the double top), then this scenario may become invalidated resistance of 1.2315.

Read more: https://www.instaforex.com/forex_analysis/86550

Technical analysis of EUR/USD for Jan 10, 2017





When the European market opens, some economic data will be released such as French Industrial Production m/m. The US will release the economic news too such as Final Wholesale Inventories m/m, JOLTS Job Openings, and NFIB Small Business Index. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVELS:

Breakout BUY Level: 1.0640.

Strong Resistance:1.0633.

Original Resistance: 1.0623.

Inner Sell Area: 1.0613.

Target Inner Area: 1.0588.

Inner Buy Area: 1.0563.

Original Support: 1.0553.

Strong Support: 1.0543.

Breakout SELL Level: 1.0536.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Read more: https://www.instaforex.com/forex_analysis/86594

Technical analysis of EUR/JPY for January 11, 2017

General overview for 11/01/2017:

The count is evolving into a more complex and time-consuming corrective cycle in wave -ii-. The preferred labeling is suggesting an uncompleted irregular flat correction as the unfolding pattern in wave -ii-. The current labeling suggests more impulsive wave progression to come shortly, but the key to the upside levels is the wave (i) high at the level of 123.84. This line must be clearly violated, so the impulsive structure could develop. Otherwise, the corrective cycle in the blue wave (4) will evolve into an even more complex and time-consuming structure.

Support/Resistance:

123.97 - WR1

123.84 - Intraday Resistance

123.00 - Weekly Pivot

122.46 - WS1

122.01 - Intraday Support


121.59 - Black Impulsive Count Invalidation Level

121.47 - WS2

Trading recommendations: Day traders should consider opening buy orders only if the level of 123.84 is clearly violated. The uncompleted wave progression to the upside supports this view.



Read more: https://www.instaforex.com/forex_analysis/86668

Technical analysis of USD/CAD for January 12, 2017

General overview for 12/01/2017:

The blue impulsive count of 1/(a) had been invalidated when the level of 1.3080 was violated. Currently, the next best fit of the Elliott wave progression would indicate, that the top for the wave C (blue) of the wave Y (brown) would have terminated at the level of 1.3600. This level would be the top for the larger time frame wave B (purple), as per daily time frame chart. All of this suggest more decline towards the lows of the wave A (purple) around the level of 1.2460 and an eventual breakout lower. Nevertheless, please notice, this recent leg down might be still just a part of some larger corrective cycle.

Support/Resistance:

1.3600 - Wave B Top

1.3230 - Dashed Purple Channel Support

1.3080 - Technical Support

Trading recommendations: Day traders and swing traders should refrain from trading as the market is evolving into more complex corrective cycle, which is full of whipsaws and false breakouts. Please wait for the next trading setup to occur shortly.



Read more: https://www.instaforex.com/forex_analysis/86728

Technical analysis of USDX for January 13, 2017

The Dollar index remains in a bearish short-term trend and our target of 100.40 remains intact and very possible to be achieved even today. Any bounce should be sold and as long as price is below 102.50 trend will remain bearish. However, the form of the decline implies that this downward move is corrective.




The Dollar index remains below the 4-hour Ichimoku cloud. Resistance is at 102.50. Support is at 100-100.40. Trend remains bearish in the short-term and a new lower low remains possible as there are no signs of a bullish divergence.




On a daily basis,trend is showing reversal signs but price remains above the Ichimoku cloud. Price has broken below the tenkan- and kijun-sen (the red and yellow line indicators) implying increased chances of approaching the Kumo (cloud) at 100. I remain short-term bearish but will look to cover short positions near 100 as a bounce will be justified from those levels.

Read more: https://www.instaforex.com/forex_analysis/86766

XAU/USD at major resistance, time to sell

We turn bearish below $1,198 resistance (Fibonacci retracement, horizontal resistance) as we prepare to see a strong move down to $1,176 support (Fibonacci retracement, recent swing low support, Fibonacci projection).

Stochastic (21,5,3) is seeing strong resistance below 92% and we also are starting to see the bearish exit of stochastic signalling a strong drop is expected soon.

Sell below $1,198. Stop loss at $1,205. Take profit at $1,176.



Read more: https://www.instaforex.com/forex_analysis/86840

Daily analysis of GBP/USD for January 17, 2017

Following the strong bearish gap is seen on Monday's Asia opening, GBP/USD managed to recover above the 1.2000 handle and it's now being supported by the 1.2040 level. If the rebound extends in coming days, we can expect a rally's attempt toward the 1.2132 level, which is very close to the 200 SMA at H1 chart to fill the gap. MACD indicator is favoring that scenario, as it stays in the positive territory.




H1 chart's resistance levels: 1.2132 / 1.2212

H1 chart's support levels: 1.2040 / 1.2000

Trading recommendations for today: Based on the H1 chart, sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.2040, take profit is at 1.2000 and stop loss is at 1.2082.

Read more: https://www.instaforex.com/forex_analysis/86856

Daily analysis of USDX for January 18, 2017


The index plummeted during Tuesday's session, as the bears gained traction to the south and so far, USDX is looking to reach the 100.00 level. If we see a breakout below that area, it's likely to see another push lower toward 99.00. To the upside, we can expect resistances at the 101.06 and 101.76 levels, and the latest area coincides with the 200 SMA at H1 chart.



H1 chart's resistance levels: 101.06 / 101.76

H1 chart's support levels: 100.01 / 99.00

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 100.01, take profit is at 99.00 and stop loss is at 101.03.

Read more: https://www.instaforex.com/forex_analysis/86914

AUD/USD remain bearish below major resistance

We remain bearish below major resistance at 0.7580 (Fibonacci retracement, Fibonacci projection, horizontal overlap resistance) and we expect a steep continued drop from this level to at least 0.7447 support (Fibonacci retracement, swing low support).

Stochastic (21,5,3) remain at 92% resistance and sees bearish divergence vs price signalling a reversal is fast approaching.

Sell below 0.7580. Stop loss at 0.7644. Take profit at 0.7447.



Read more: https://www.instaforex.com/forex_analysis/87117

Daily analysis of GBP/USD for January 24, 2017

The pair is posting fresh multi-week highs across the board, ahead of the UK Supreme Court's ruling on Brexit. We can expect high volatility whatever the ruling could be at the end and if GBP/USD attempts a rally from current stage, then it can test the resistance level of 1.2566, looking for the 1.2645 zone, while a pullback could push lower the Cable to test the 200 SMA.



H1 chart's resistance levels: 1.2566 / 1.2645

H1 chart's support levels: 1.2475 / 1.2391

Trading recommendations for today: Based on the H1 chart, buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.2566, take profit is at 1.2645 and stop loss is at 1.2487.

Read more: https://www.instaforex.com/forex_analysis/87149

Technical analysis of NZD/USD for January 25, 2017



Overview:

The NZD/USD pair is likely to continue straight from the level of 0.7208. Support at 0.7208 coincides with ratio of 78.6% Fibonacci retracement level on the H1 chart. Additionally, it is probably tend to form a double bottom at the same level. Therefore, the kiwi shows signs of strength following the break through the highest levels of 0.7208. So, it is going to be a good sign to buy above the support levels of 0.7208 with the first target at 0.7276 in order to retest the double top. If the trend can break the point of 0.7276, it will continue towards the next target of 0.7315. However, in case a reversal takes place and the NZD/USD pair breaks through the support level at 0.7208, the pair will be led to a further decline to 0.7155 and 0.7118 in order to indicate the bearish market. But in overall, we still confirm the bullish scenario as the trend is still above the major support of 0.7208.

Read more: https://www.instaforex.com/forex_analysis/87219

Technical analysis of GBP/JPY for January 26, 2017



GBP/JPY is expected to extend its upside movement. The pair recorded a succession of higher tops and higher bottoms, which confirms a positive view. The rising 20-period and 50-period moving averages further reinforced the upward momentum. The relative strength index is above its neutrality level at 50. As long as 142.90 holds as key support, look for a further upside to 144.20 and even 144.65 in extension. The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. Therefore, long positions are recommended with the first target at 144.20 and the second one at 144.65. In the alternative scenario, short positions are recommended with the first target at 142.40 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 141.85. The pivot point is at 142.90.

Resistance levels: 144.20, 144.65, 145.25

Support levels: 142.40, 141.35,140.65

Read more: https://www.instaforex.com/forex_analysis/87271

Technical analysis of USD/CHF for January 27, 2017



Overview:

The USD/CHF pair rose from the level of 0.9960 towards 1.0015 yesterday. Now, the current price is set at 1.0010. On the H1 chart, the resistance is seen at the levels of 1.0026. Besides, the daily bottom is seen at the level of 0.9958. Today, the USD/CHF pair is continuing moving in a bullish trend from the new support level of 0.9958 to form a bullish channel. Amid the previous events, we expect the pair to move between 0.9958 and 1.0068. Therefore, buy above the level of 0.9958 with the first targets at 1.0026 and 1.0068 in order to test the daily resistance 2. However, if the pair fails to pass through the level of 1.0068, the market will indicate a bearish opportunity below the level of 1.0068. The market will decline further to 0.9958 in order to return to the double bottom. Additionally, a breakout of that target will move the pair further downwards to 0.9910.

Read more: https://www.instaforex.com/forex_analysis/87355

Technical analysis of NZD/USD for January 30, 2017



NZD/USD is expected to ttrade with bearish bias. The pair is trading below its 20-period and 50-period moving averages, which play resistance roles and maintain the bearish bias. The relative strength index is supported by a bearish trend line and is above its neutrality level at 50. Additionally, 0.7285 is playing a key resistance role, which should limit the upside potential. As long as the resistance holds at this key level, look for a further downside to 0.7225 and even 0.7200 in extension. The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 0.7225. A break below this target will move the pair further downwards to 0.7200. The pivot point stands at 0.7285. If the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 0.7305 and the second one at 0.7325.

Resistance levels: 0.7305, 0.7325, 0.7340

Support levels: 0.7225, 0.7200, 0.7175

Read more: https://www.instaforex.com/forex_analysis/87411

Technical analysis of USD/JPY for Jan 31, 2017





In Asia, Japan will release the Housing Starts y/y, BOJ Policy Rate, BOJ Outlook Report, BOJ Press Conference, Monetary Policy Statement, Prelim Industrial Production m/m, Unemployment Rate, and Household Spending y/y data, and the US will release some Economic Data, such as CB Consumer Confidence, Chicago PMI, S&P/CS Composite-20 HPI y/y, and Employment Cost Index q/q. So, there is a probability the USD/JPY will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Resistance. 3: 114.17.

Resistance. 2: 113.95.

Resistance. 1: 113.73.

Support. 1: 113.45.

Support. 2: 113.23.

Support. 3: 113.00.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Read more: https://www.instaforex.com/forex_analysis/87451

USD/CHF remains bullish above major support

We are bullish above 0.9850 support (long-term gold ratio retracement, price action) for a bounce to at least 0.9958 resistance (Fibonacci retracement, horizontal overlap resistance).

Stochastic (21,5,3) is seeing strong support above 6%.

Buy above 0.9850. Set stop loss at 0.9825 and take profit at 0.9958.

Technical analysis of EUR/USD for Feb 02, 2017



When the European market opens, some Economic Data will be released, such as French 10-y Bond Auction, PPI m/m, ECB Economic Bulletin, and Spanish Unemployment Change. The US will release the economic data, too, such as Natural Gas Storage, Prelim Unit Labor Costs q/q, Prelim Nonfarm Productivity q/q, Unemployment Claims, and Challenger Job Cuts y/y, so, amid the reports, EUR/USD will move in a low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Breakout BUY Level: 1.0846.

Strong Resistance:1.0839.

Original Resistance: 1.0827.

Inner Sell Area: 1.0815.

Target Inner Area: 1.0787.

Inner Buy Area: 1.0758.

Original Support: 1.0746.

Strong Support: 1.0734.

Breakout SELL Level: 1.0727.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Read more: https://www.instaforex.com/forex_analysis/87547

EUR/JPY profit target reached, prepare to turn bullish

The price has dropped perfectly as expected and reached our profit target. We prepare to turn bullish above 121.11 support (Fibonacci projection, horizontal support, and Fibonacci retracement) for a bounce up to at least 122.00 resistance (Fibonacci retracement, swing high resistance).

Stochastic (21,5,3) is approaching strong support at 4.9% where we expect a bounce from.

Buy above 121.11. Stop loss is at 120.48. Take profit is at 122.00.



Read more: https://www.instaforex.com/forex_analysis/87637

Elliott wave analysis of EUR/NZD for February 6 - 2017



Wave summary: The correction from 1.9114 has extended and seen a new low at 1.4650. As long as minor resistance at 1.4945 is able to cap the upside, we need to allow for slightly lower to 1.4560 to complete this extremely complex ending diagonal, which has been unfolding since June 2016. Only a break above minor resistance at 1.4945 will ease the downside pressure, while a break above resistance at 1.5282 will be needed to confirm that wave 2 finally has completed and wave 3 has taken over for a new long-term impulsive rally that ultimately should take this cross above 1.9114.

R3: 1.5282

R2: 1.4953

R1: 1.4867

Pivot: 1.4675

S1: 1.4654

S2: 1.4560

S2: 1.4449

Trading recommendation: Our top at 1.4650 has been hit for a loss. We will only buy a break above 1.4945.

Read more: https://www.instaforex.com/forex_analysis/87671

Elliott wave analysis of EUR/JPY for February 7, 2017




Wave summary:

With the break below support at 120.50 we know that an extension lower towards the 38.2% corrective target seen at 119.14 should be expected before wave (iv) finally completes and wave (v) higher to 126.54 can take over. In the short term we need not alone a break back above minor resistance at 120.58, but also a break above resistance at 1.2177 confirms that the correction in wave (iv) is finally complete and wave (v) has taken over for long awaited rally higher to 126.54 to complete wave 3.

R3: 121.36

R2: 120.58

R1: 120.23

Pivot: 119,80

S1: 119.60

S2: 119.14

S3: 118.68

Trading recommendation: We will buy EUR at 119,25 or upon a break above 120.58.

Read more: https://www.instaforex.com/forex_analysis/87709

Daily analysis of silver for February 08, 2017



Overview

Silver price shows calm bullish bias in attempt to resume the short-term bullish trend. The price is supported by the EMA50, waiting for a rally towards 18.30 as the first target. Stochastic's negativity explains the reasons for the recent sideways fluctuation. Silver needs to gain enough positive momentum to continue the main bullish trend. In general, we will stick to the bullish scenario in the upcoming period unless the price breaks the level of 17.43 and holds below it. The expected trading range for today is between 17.50 support and 18.00 resistance.

Read more: https://www.instaforex.com/forex_analysis/87810

Wave analysis of USDX for February 9, 2017

The Dollar index is testing important short-term resistance as we mentioned yesterday. The price is showing signs of rejection. The 100.80 level is a key resistance, while a break below 100 will be the confirmation I need for my bearish short-term view for a new low around 99.



Black lines - bearish channel

Blue line - horizontal resistance

Red line - short-term trendline support

The Dollar index is trading above the Ichimoku cloud. The price has broken the short-term trendline support and now comes back to test it. The short-term support is at 100 and resistance is at 100.80. I continue to expect the price to make a new low towards 99 or lower.




Green line - trendline support

Blue line - projection forward

My preferred scenario so far has been that we are making wave 4 down and we should soon see a reversal as a part of wave 5. The short-term trend remains bearish and if the price overlaps the wave 1 high, this scenario will be canceled and a more bearish view will be adopted. Either way a bounce is justified for USD from current or lower levels. Critical support for the longer-term bullish view remains the green upward sloping trendline.

Read more: https://www.instaforex.com/forex_analysis/87842

GOLD Fundamental Analysis February 10, 2017

GOLD continued it bullish counter move from the late December 2016, and continuing the bullish trend in non-volatile manner after massive sell off in 2016. Yesterday, USD had some pressure after the Unemployment claims positive report which resulted the price to proceeding down toward 1,218.91. In few weeks, Trump will be revealing the tax plan where the increase in tax on assets may result to fall in GOLD again. As there is no hint of increase of rate hike in USD as of Federal Reserve President Charles Evans speech, so far it is expected that without any intervention from Trump with his new plans on assets like GOLD, GOLD is expected to show some bullish momentum against the USD.

Now let us look at the technical view, currently, market is trying to retest the support zone between 1195.80 to 1218.91. If the price rejects the bears in this support zone with any daily candle we will be looking forward to buy with a target toward 1,245 as first target and 1,299 as second target for the bullish move. On the other hand, if the price breaks and closes below the lower boundary of support zone i.e. 1,195.80, the bullish bias will be changed to bearish and we will target 1,118 as the downward target in this pair.



Read more: https://www.instaforex.com/forex_analysis/87926

EUR/USD Fundamental Analysis February 13, 2017

After a massive selling off last week EUR/USD has reached the base support at 1.0627. Today, the market opened with 8 pips gap and within few hours the gap was filled as the EUR started gaining strength after hitting the support. Currently, EUR has been seen getting strength over USD and market is above the support level. Today, there is no economic event for USD where EU Economic forecast is currently undergoing and as of the market reaction EUR is seen to gain strength over the USD. Due to some pending decisions of President Mr. Donald Trump on tax related issues the market is currently in an indecisive state where USD is expected to gain power after a certain retracement on the EUR side earlier this week.

Now let us look at the technical view of the market, price has reached the near-term support level which was already respected many times in future and being respected currently. If the price remains above the support level 1.0627, it is expected that bulls will gain strength over USD for a day or two till the price pulls back to the resistance area between 1.0715-50. From the resistance area, if we see any bullish rejection from the resistance area we will be looking forward to sell as the bias is still bearish. On the other hand, if the market breaks above 1.0750 with a daily close, we will be looking forward to buy with a target toward 1.0850 as the first target and 1.1060 as the second target upwards.



Read more: https://www.instaforex.com/forex_analysis/87996

Daily analysis of Silver for February 14, 2017



Overview

Silver traded slightly negatively yesterday. Notice that stochastic managed to get rid of its negativity and gaining the positive momentum on the 4-hour time frame, forming positive motive that we wait to push the price to resume its bullish track in the upcoming sessions. Its targets begin at 18.30 and extend to 19.38 after breaching the previous level. In general, the bullish trend will remain active unless breaking 17.43 level and holding below it. While, breaking of this level will push the price to test 16.56 level before any new positive attempt. The expected trading range for today is between 17.60 support and 18.30 resistance.

Read more: https://www.instaforex.com/forex_analysis/88059

AUD/USD fundamental analysis for February 15, 2017

The AUD/USD pair has been stuck between 0.7605 and 0.7687 area since last two weeks. After a massive bullish pressure from December, AUD has progressed well against USD. Today data on Westpac Consumer Sentiment were released with a positive figure of 2.3% which was previously 0.1% and New motor vehicle sales also increased by 0.6% which was previously 0.1%. This week there was no remarkable news, which might have impact on AUD, to push AUD higher to break the 0.7687 resistance. On the other hand, CPI report was published with 0.6% which was expected 0.3% and Core CPI was 0.3% which was forecasted 0.2%. Retail sales also had a significant increase of 0.4% which was expected 0.1%. Overall, USD is fundamentally quite strong due to high impact reports with positive results of the economy. So, there are some positive chances for USD to gain strength against AUD.

Now let us look at the technical view, the price is ranging between 0.7605 and 0.7687. Today market retested the 0.7687 resistance and the price bounced back inside the range without showing any sign of breaking above it. With economic events for the whole week and positive reports, there are higher chances that the price will break the support 0.7605-00 and proceed lower to 0.7500-50 area. On the other hand, if the price breaks above the resistance with a daily close we will be looking forward to buy with a target towards 0.80.



Read more: https://www.instaforex.com/forex_analysis/88117