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    EUR/JPY Candlestick Analysis for May 1, 2012

    gbpusdh4.png

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    Overview:
    • The GBP/USD pair is going to move between the levels of 1.5310 and 1.5205. Additionally, the pair will probably go down because the downward trend is still strong. The resistance is set at the level of 1.5321 which coincides with the ratio of 61.8% of Fibonacci retracement levels on H4 chart. Consequently, the market will indicate a bearish opportunity below 1.5321 again, because the level of 1.5321 is going to act as strong resistance today. Accordingly, it will be a good idea to sell below this level today with the first target at 1.52550 in order to test the daily pivot point and continues further down to the levels of 1.5215 and 1.5180. Moreover, if the trend succeeds to close below 1.5215/1.5180, then the market will be developing in a downtrend below the weekly support level towards the level of 1.5153. However, the stop loss should be placed above 1.5321 at the price of 1.5350.
    Intraday technical levels: Date:6/03/2015
    • R3: 1.5323
    • R2: 1.5296
    • R1: 1.5268
    • PP: 1.5241
    • S1: 1.5213
    • S2: 1.5186
    • S3: 1.5158
    Uitgevoerd door, Analytische expert
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