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Market Analysis for October 7th, 2015

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Technical Analysis

Pair: EURUSD

Resistance: 1.1300, 1.1330, 1.1370, 1.1400
Support: 1.1200, 1.1280, 1.1180, 1.1150
Daily Bias: Bullish. Looking for a pullback to buy. Price is sitting at the top of the range. We look for pullback to trade the price to the top of the range and then break above the range and back-test of the 1.1300/20 level for a continuation to the upside.

Daily Pivot: 1.1240
R1: 1.1310 S1: 1.1202
R2: 1.1348 S2: 1.1133
R3: 1.1417 S3: 1.1094

 

Oct 06 GBPUSD Trade H1

 

Previous Day Highs/Lows

Date High Low
Oct. 6 1.1278 1.1171
Oct. 5 1.1289 1.1173
Oct. 2 1.1317 1.1149

 

Potential Pullback levels:

1.1236 – daily pivot, strong S&R, 38.2% fib retracement of the daily move

1.1220 – strong S&R, 50% fib retracement level of the daily move, yesterday’s pivot

1.1200 – strong S&R, 78.9% fib retracement level of the daily move, S1

Potential Targets:

1.1300 – strong S&R, 127% fib extension of the daily move, R1 level, high of the range

1.1350 – strong S&R, 161% fib extension of the daily move, R2 level

Pair: GBPUSD

Resistance:  1.5200, 1.5220, 1.5250, 1.5300
Support: 1.510, 1.5050, 1.5000
Bias: Bullish. Looking for a pullback to buy.

Daily Pivot: 1.5200
R1: 1.5265 S1: 1.5161
R2: 1.5306 S2: 1.5098
R3: 1.5369 S3: 1.5057

 

Previous Day Highs/Lows

Date High Low
Oct. 6 1.5242 1.5139
Oct. 5 1.5244 1.5136
Oct. 2 1.5236 1.5124

 

Potential Pullback levels:

1.5200 – daily pivot, strong S&R, 38.2% fib retracement of the daily move

1.5161– strong S&R, 78.9% fib retracement level of the daily move, S1

Potential Targets:

1.5265 – strong S&R, previous 2 days low, 127% fib extension of the daily  move, S1 level

1.5300 – strong S&R, 161% fib extension of the daily move, R2 level

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