You are here: Home > articles > Forex > Intraday technical levels and trading recommendations for EUR/USD for September 29, 2016
Intraday technical levels and trading recommendations for EUR/USD for September 29, 2016
September 29, 2016 10:46 amVideo
Latest News
- Can Chinese PMIs solidify the economy’s recovery prospects? – Preview April 26, 2024
- Weekly Forex Outlook: 26/04/2024 – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too April 26, 2024
- XM’s Lombok Collaboration: Brightening Futures April 26, 2024
- Week Ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too April 26, 2024
- Market Comment – Yen keeps sinking after Bank of Japan decision April 26, 2024
- Fed faces dilemma amid sticky inflation and slowing economy – Preview April 26, 2024
- USD/JPY: trading tips for beginners for European session on April 26 April 26, 2024
- GBP/USD: trading tips for beginners for European session on April 26 April 26, 2024
- EUR/USD: trading tips for beginners for European session on April 26 April 26, 2024
- Hot forecast for EUR//USD on April 26, 2024 April 26, 2024
- Technical Analysis – GBPJPY close to a new 9-year high April 26, 2024
- Technical Analysis – USDCAD retreats beneath 20-day SMA April 26, 2024
- Key events on April 26: fundamental analysis for beginners April 26, 2024
- Trading plan for GBP/USD on April 26. Simple tips for beginners April 26, 2024
- Trading plan for EUR/USD on April 26. Simple tips for beginners April 26, 2024
- Technical Analysis of Intraday Price Movement of Polkadot Cryptocurrency, Friday April 26 2024. April 26, 2024
- Technical Analysis of Intraday Price Movement of Cardano Cryptocurrency, Friday April 26 2024. April 26, 2024
- Forecast for EUR/USD on April 26, 2024 April 26, 2024
- Forecast for GBP/USD on April 26, 2024 April 26, 2024
- Forecast for AUD/USD on April 26, 2024 April 26, 2024
In January 2015, the EUR/USD pair moved below the major demand levels near 1.2100 where historical bottoms were previously set in July 2012 and June 2010. Hence, a long-term bearish target was projected towards 0.9450.
In March 2015, the EUR/USD bears challenged the next monthly demand level around 1.0570, which had been previously reached in August 1997.
Later in April 2015, a strong bullish recovery was observed around the mentioned demand level. However, next monthly candlesticks (September, October, and November) reflected a strong bearish rejection around the area of 1.1400-1.1500.
Again in February 2016, the depicted price levels around 1.1400-1.1500 acted as a significant supply zone during the bullish pullback.
That is why, recent bearish rejection was expected around the current price levels (note the monthly candlesticks of May, June, and August).
In the long term, the level of 0.9450 will remain a projected bearish target if the current monthly candlestick closes below the depicted monthly demand level of 1.0570.
On the other hand, note that a monthly candlestick closure above 1.1400 invalidates this bearish outlook on an intermediate-term basis (low probability).
The long-term outlook for the EUR/USD pair remains bearish as the monthly chart illustrates. Bearish fixation below 1.1000 is needed to enhance this bearish scenario.
On July 27, the EUR/USD pushed above the price zone of 1.1000-1.0950 (previous consolidation range). Hence, further bullish advance towards 1.1250 was executed as expected.
A temporary bullish breakout was expressed above the price zone of 1.1250 (supply level 1). However, significant bearish rejection was seen on August 26.
On September 6, evident bullish recovery and a temporary bullish breakout above 1.1250 were expressed, but evident bearish pressure was expressed on the EUR/USD pair on September 16.
Bearish closure below 1.1250 (supply level 1) should be achieved and defended to maintain enough bearish pressure and enhance the bearish side in the market again. Initial bearish targets would be located at 1.1050 and 1.0990.
On the other hand, a daily candlestick closure above 1.1250 (Supply level 1) allows bullish advance towards 1.1400 (Supply level 2) where a better SELL entry can be offered. S/L should be set as daily closure above 1.1450.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
Related Posts: