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Market Analysis for September 30th, 2015

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Technical Analysis

Pair: EURUSD

Resistance:1.1280, 1.1330, 1.1370, 1.1400, 1.1470
Support:1.1200, 1.1180, 1.1150, 1.1100
Daily Bias:Bullish to neutral. The price rejected the bottom, however, it rejected the 1.1280 level as well, closing out in an indecision candle. This makes us open to taking trades to both sides.

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Daily Pivot: 1.1241
R1: 1.1288 S1: 1.1201
R2: 1.1329 S2: 1.1153
R3: 1.1376 S3: 1.1113

Previous Day Highs/Lows

Date High Low
Sept 29 1.1280 1.1192
Sept 28 1.1247 1.1146

 

Potential Pullback levels:

1.1280 – previous day’s high, R1 from yesterday, R1 for today, S&R. Looking for rejection of this level to sell with target at 1.1180

1.1260 –S&R, 78.9% retracement level of the daily move

1.1180 – S1 from yesterday, S&R. rejection of this level could setup a potential long trade

Pair: GBPUSD

Resistance:1.5280, 1.5240, 1.5200
Support:1.5120, 1.5080, 1.5050
Bias: Neutral to Bearish. The daily candle had a bearish close. However, the price held above the support level at 1.5125 which had proved to be a strong support level previously.  Consumer confidence out of the US was +ve pushing the pound down. Looking for a retrace off the 1.52000 level. Look for areas of confluence for trade setup.

 

Daily Pivot: 1.5160
R1: 1.5192 S1: 1.5115
R2: 1.5237 S2: 1.5083
R3: 1.5269 S3: 1.5099

 

Previous Day Highs/Lows

Date High Low
Sept 29 1.5204 1.5128
Sept 28 1.5240 1.5156
Sept 25 1.5259 1.5134

 

Post market Review

GBP moved up to test the daily pivot, which was also previous day daily pivot then moved down sharply on -ve US consumer confidence data. Price struggled to break 1.5138 – also S1 level and  traded within a 25 pip range of S1 into NY close.

Potential Pullback levels:

1.5200 – previous day’s high, daily pivot from yesterday, R1 for today, S&R. Looking for rejection of this level to sell with target at 1.5120

1.5190 –S&R, 78.9% retracement level of the daily move

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