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March 22, 2019

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The material has been provided by InstaForex Company - www.instaforex.com

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Trading plan for EUR/USD for April 09, 2019

Technical outlook: The EUR/USD pair had rallied through 1.1275/80 levels yesterday before reversing lower. The existing rally from 1.1181 is looking to be 3 waves i.e counter trend. The long positions held from 1.1185/1.1200 levels earlier could be taken off now or around 1.1285 levels. Looking at the wave structure, the drop from 1.1448 through 1.1181 levels could be Wave (1) and Wave (2) is underway which might terminate between 1.1285 and 1.1340/50 levels going forward. Please note that bears could remain in control until prices stay below 1.1448. Hence a safer trading strategy from here could be selling on rallies through 1.1340/50 levels towards the major trend. Aggressive counter trend rally taken earlier may be exited by taking profits around 50-60 pips. The underlying 0.382 to 0.618 fibonacci resistances would provide the required resistance for EUR/USD bears to regain control. Trading plan: Take profits on long positions taken earlier. Looking to sell around 1.1285 and 1.1

GBP/USD analysis for April 03, 2019

GBP/USD has been trading upwards. The price tested the level of 1.3194. Anyway, we found that there can be potential trap for buyers and that the bullish movement wasn't strong enough. According to the H1 time-frame, we found that there is the fake breakout of the resistance at the price of 1.3147, which is sign that buyers don't have enough power to sustain the breakout. Most recently, there is the down breakout of the 5-hour balance, which is another sign of the GBP weakness. Resistance level is seen at the price of 1.3194 and the support levels are seen at 1.3060 and 1.2980. Trading recommendation: We sold GBP from 1.3138 with targets at 1.3060 and 1.2980. Protective stop is placed at 1.3205. The material has been provided by InstaForex Company - www.instaforex.com

Elliott Wave analysis of ETH/USD for 08/04/2019

Technical market overview: The ETH/USD pair has broken above the wave (3) top at the level of 177.13 and made a new swing high at the level of 183.34. The bottom of the wave (4) has been established at the level of 152.01 and since then the market has made three waves up, so the move upwards is still not completed. The target for the wave (5) is seen at the level of 200.00, but it will be made at the bearish divergence between the momentum and price. Weekly Pivot Points: WR3 - $226 WR2 - $201 WR1 - $186 Weekly Pivot - $162 WS1 - $146 WS2 - $120 WS3 - $106 Trading recommendations: The longer-term buy orders should remain open and the protective stop-loss might be moved higher to the level of $170. The daytraders should keep an eye on the level of $177 as any breakout below this level would indicate a deeper correction and further wave (4) development. The material has been provided by InstaForex Company - www.instaforex.com

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