Yesterday's trades saw a strong rise for the GBP/USD, the pair was able to break the
resistance level 1.6205 and also breaking the bearish channel's top border to begin the pair
forming a corrective bullish direction for the medium and the short-terms, whereas it's
expected that the bullish move will be continued till reaching the level 1.6483 which
represents the targeted price to get out of this bearish channel which also represents 61.8%
Fibonacci retracement correction level for the bearish direction (from 1.6745 to 1.6058),
reaching this level; the level 1.6320 must be broken which represents 38.2% Fibonacci
retracement correction level for the same previous mentioned bearish direction.
This scenario depends on the stability of the support level 1.6220.
Daily report eur/usd: 26/05/2011
The EUR/USD pair had a bullish move during the previous short and medium trades to
close the previous trading period above the bearish trend line for the medium and long
trades, where the pair is facing 23.6% correction level for the bearish move from 1.4939 to
1.3969, and if the pair was able to trade above this level it will continue rising targeting
1.4265 resistance then 1.4340 that coincides with 38.2% correction level, but in case 23.6%
level held it will push down the pair to trade under the bearish trend again retesting the
support level 1.4125.
close the previous trading period above the bearish trend line for the medium and long
trades, where the pair is facing 23.6% correction level for the bearish move from 1.4939 to
1.3969, and if the pair was able to trade above this level it will continue rising targeting
1.4265 resistance then 1.4340 that coincides with 38.2% correction level, but in case 23.6%
level held it will push down the pair to trade under the bearish trend again retesting the
support level 1.4125.
Daily report gbp/usd: 25/05/2011
The pair is still moving inside a bearish channel for medium and long-term, yesterday
trades saw the stability of the support level 1.6105 so that the pair pushed rising to form a bearish top at the resistance level 1.6205 and it is expected that the pair will use this top to decline and test the support level 1.6105 which with its breaking down means more declining targeting the level 1.5970, but if the pair broke the resistance level 1.6205 the pair will push trying to break the top border of the channel and then the resistance level 1.6305.1
trades saw the stability of the support level 1.6105 so that the pair pushed rising to form a bearish top at the resistance level 1.6205 and it is expected that the pair will use this top to decline and test the support level 1.6105 which with its breaking down means more declining targeting the level 1.5970, but if the pair broke the resistance level 1.6205 the pair will push trying to break the top border of the channel and then the resistance level 1.6305.1
Daily report eur/usd: 25/05/2011
The bearish direction is still dominating the price action of the pair for the short-term and the
intraday levels as the pair during yesterday trades succeeded to break the support level 1.4070 which the pair is re-testing it now forming a flag pattern that continues the direction.
So it is expected that the pair will continue declining during today's intraday trades targeting the support level 1.3970 as the first targets of this bullish move followed by the support level 1.3875 to test it and it is the final target of this pattern.
The stability of these expectations requires the stability of the resistance level 1.4140.
intraday levels as the pair during yesterday trades succeeded to break the support level 1.4070 which the pair is re-testing it now forming a flag pattern that continues the direction.
So it is expected that the pair will continue declining during today's intraday trades targeting the support level 1.3970 as the first targets of this bullish move followed by the support level 1.3875 to test it and it is the final target of this pattern.
The stability of these expectations requires the stability of the resistance level 1.4140.
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