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The price zone between 1.3845 and 1.3550 (Historical bottoms set in January 2009) was considered a significant demand zone to be watched for bullish recovery.
However, by the end of June a significant bearish break below 1.3550 was expressed as seen on the depicted charts (fundamental reasons).
Bearish persistence below the demand level at 1.3550 enhanced the bearish scenario towards the current price levels around 1.2700 (nearest bearish projection target).
Note that the GBP/USD pair was trapped inside the depicted consolidation range above 1.2700 until a bearish breakout took place on October 6.
Daily persistence below 1.2700 confirmed the bearish Flag pattern. That is why, a bearish projection target would be located around 1.2020.
Recently, bullish recovery was manifested around 1.2080. That is why, a bullish pullback is being executed towards 1.2700-1.2750.
The current bullish pullback towards the price zone of 1.2700-1.2750 should be considered for a valid SELL entry.
T/P levels should be located at 1.2300 and 1.2100 while S/L should be set as daily closure above 1.2800.The material has been provided by InstaForex Company - www.instaforex.com
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Wave summary:We have finally seen the first good indication that a long-term low is in place with the test of 1.4737. Short term, we will look for support near 1.4985 to be able to protect the downside for a break above 1.5139 and more importantly a break above resistance at 1.5266 that confirms the ending diagonal has completed and that an impulsive rally back to the origin of the ending diagonal at 1.5839 is developing.
Longer term, much more upside will be expected.
We are long EUR from 1.4750 and will move our stop to break-even. If you are not long EUR yet, then buy near 1.4936 or upon a break above 1.5139 and use the same stop at 1.4750.The material has been provided by InstaForex Company - www.instaforex.com
The break above resistance at 121.89 invalidated the expected triangle consolidation and instead told us that an expanded flat is unfolding. If this count is correct, then the high seen at 123.19 should cap the upside for a break below minor support at 122.04 for a decline towards the 118.00 - 118.39 area to completed wave (iv) and set the stage for the final rally in wave (v) towards 124.04. This will complete wave (v) and 3 and call for a new correction in wave 4 towards 118.39 before higher again.
We will sell EUR upon a break below minor support at 122.04 with stop placed at 123.25 take profit will be placed at 118.45.The material has been provided by InstaForex Company - www.instaforex.com
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 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 depicted supply levels (note the monthly candlesticks of May, August, and October 2016).
In the longer term, the level of 0.9450 will remain a projected bearish target when the current monthly candlestick comes to close below the depicted monthly demand level of 1.0570.
The long-term outlook for the EUR/USD pair remains bearish as the monthly chart illustrates. Bearish persistence below 1.0825 is needed to enhance this bearish scenario.
In September 2016, temporary bullish breakout above 1.1250 was expressed again, but evident bearish pressure was applied on the EUR/USD pair on September 16.
Bearish closure below 1.1250 (supply level 1) maintained enough bearish pressure and enhanced the bearish momentum towards the price level of 1.1000 (key level 1).
On November 9, obvious bearish breakdown of the 1.1000 price level occurred (Shooting Star daily candlestick). Moreover, further bearish decline below 1.0825 (Fibonacci Expansion 100%) was expressed.
The current bearish persistence below 1.0825 allowed further bearish decline to occur towards 1.0570 (demand level) where bullish rejection and a valid BUY entry were expected by the end of last week.
Recent bullish recovery is being manifested on the depicted daily chart.
The price level of 1.0825 (Fibonacci Expansion 100%) constitutes a recent supply level to be watched for a SELL entry if the current bullish pullback persists above 1.0700.
On the other hand, obvious bearish closure below the depicted demand level around 1.0570 allows further bearish decline. Initial bearish target would be located around 1.0220.The material has been provided by InstaForex Company - www.instaforex.com