Forex Analysis & Reviews: Trading Plan for EUR/USD and GBP/USD for September 18, 2017
time 18.09.2017 03:30 PM
time Relevance up to, 01.01.1970 03:00 AM

This image is no longer relevant

Technical outlook:

EUR/USD bulls still remain in control but believe it or not, the upside is extremely limited. At this point in time, the pair is consolidating into a probable flat or a triangle before pushing higher one last time. We have to remain a bit patient here as the consolidation structure is unfolding and furthermore a meaningful top is being formed. Let us not speculate on a potential top formation and allow prices to dictate the same. It is good to prepare for short positions but committing then right now would be too risky. A considerable resistance should be seen around 1.2200/50 levels going forward, so please be prepared to sell around those levels. At this point, immediate support is seen around 1.1830 levels, while resistance is just below 1.2092 levels respectively. A break below 1.1800 and subsequently 1.1650 levels would confirm a meaningful top is in place.

Trading plan:

Please remain flat for now and look to sell on a new high above 1.2100 levels.

GBP/USD chart setups:

This image is no longer relevant

Technical outlook:

GBP/USD has rallied above expectations and a strong bull trend persists with no signs of a reversal yet. Believe it or not the pair is firmly within strong resistance zone around 1.3600/1.3700 levels, but a bearish reversal is still not confirmed. Rather than speculating on a top, we shall remain flat for now and wait for the first 5 waves (impulse) at a lower degree. A daily chart has been presented here to have the bigger picture in mind again, and that is indicating a 50% retracement of the drop between 1.5000 through 1.2000 levels respectively. A major bearish reversal shall be confirmed on a break below 1.2800 levels going forward. At this point it is good to remain flat, waiting for yet another potential top and a bearish drop in 5 waves. We shall confirm the same here, watch out for resistance around 1.3650/1.3700 levels.

Trading plan:

Please remain flat for now and look to go short again around 1.3650/1.3700 levels.

Fundamental outlook:

Watch out for Bank of England Governor Mr Carney's speech today at IMF, at 11:00 AM EST.

Good luck!

Euro vs US Dollar
Select timeframe
Start trade
Start trade

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

  • Grand Choice
    Contest by
    InstaForex always strives to help you
    fulfill your biggest dreams.
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In February we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
  • 30% Bonus
    Receive a 30% bonus every time you top up your account

Recommended Stories

GBP/USD outlook on February 3, 2023

The GBP/USD pair managed to correct into the medium-term bull market zone amid a weak U.S. dollar, rising above the key levels 1.2140 (200 EMA on the daily chart), 1.2240

Jurij Tolin 16:42 2023-02-03 UTC+2

Gold: range breakout after NFPs

The price of Gold is trading in the green at 1,916 at the time of writing. Technically, the rate reached strong downside obstacles and now it has turned

Ralph Shedler 14:24 2023-02-03 UTC+2

Trading tips for EUR/USD

With the December US unemployment data coming out today, it is likely that EUR/USD will see another decline in prices, especially since selling pressure has been strong in the market

Andrey Shevchenko 13:11 2023-02-03 UTC+2

EUR/USD and GBP/USD trading plan for beginners on February 3, 2023

The EURUSD currency pair showed speculative activity due to the strong information and news background. During which, the euro fell by more than 130 points. As a result, the quote

Gven Podolsky 10:58 2023-02-03 UTC+2

GBP/USD: trading plan for European session on February 3. GBP could slump lower

Yesterday GBP/USD formed a few signals for the market entry. Let's analyze the 5-minute chart and revise our trading plan. In the previous article, I referred to the level

Miroslaw Bawulski 07:55 2023-02-03 UTC+2

Trading plan for EURUSD on February 03, 2023

EURUSD rose through 1.1025 post-FOMC's decision on Wednesday only to find resistance. In less than 24 hours, the single currency pair slipped back below the 1.0900 handle, giving away

Oscar Ton 07:24 2023-02-03 UTC+2

EUR/USD: trading plan for European session on February 3, 2023. Commitments of Traders. Overview of yesterday's trading. EUR/USD dropped but hope for further growth remains

Many entry signals were generated yesterday. Let's take a look at the M5 chart to get a picture of what happened. In my previous review, I focused on 1.1003

Miroslaw Bawulski 07:14 2023-02-03 UTC+2

Outlook and trading signals for EUR/USD on February 3. COT report. Analysis of market situation. The ECB's hawkish signals pulled down the euro

EUR/USD did nothing but fall on Thursday. We have been waiting a long time for the euro to collapse and I said that the market had already worked

Paolo Greco 06:43 2023-02-03 UTC+2

GBP/USD: Forecast and trading signals on February 3, 2023. COT report. Detailed analysis of price movement and trades. GBP/USD plunges

On Thursday, GBP/USD went down by 180 pips. The market's reaction to the Bank of England's rate decision made no sense at first glance. We have warned that

Paolo Greco 06:14 2023-02-03 UTC+2

How to trade GBP/USD on February 3. Simple trading tips and analysis for beginners

GBP/USD showed similar movements to EUR/USD. It even seems that the market reacted to only one event (Federal Reserve meeting), when in fact, the Bank of England and the European

Paolo Greco 23:00 2023-02-02 UTC+2
Can't speak right now?
Ask your question in the chat.