Technical analysis of Silver for October 09, 2015 Market Analysis Review

Technical outlook and chart setups:

Silver might be looking for an opportunity to correct lower towards $15.00/10 before rallying further. Please note that $15.10 is also Fibonacci 0.618 support for the metal along with past resistance turned support in the same area. It is hence recommended to book partial profits on long positions taken earlier and watch for an opportunity to add further on dips. Immediate support is seen at the levels of $15.40 (interim) followed by $15.00, $14.50, and lower, while resistance is seen at the levels of $16.40/50 followed by $17.50 and higher respectively.

Trading recommendations:

Book partial profits and look to add further positions at lower levels.

Good luck!

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GBP/USD intraday technical levels and trading recommendations for October 9, 2015 Market Analysis Review

Overview:

Recently, strong bullish pressure was applied to the resistance level of 1.5800 via the recent bullish swing.

That is why, the resistance level of 1.5800 was temporarily breached. Bulls moved towards 1.5900 where the depicted Head and Shoulders reversal pattern was confirmed.

Later on, the support level of 1.5555 got breached by the end of the previous month due to excessive bearish pressure, which originated at 1.5800.

The GBP/USD pair moved towards the support zone of 1.5170-1.5150 where a valid intraday buy entry was offered especially after the evident bullish rejection that took place on Tuesday (bullish engulfing daily candlestick).

Conservative traders were advised to wait for a bullish pullback towards the level of 1.5350 for a low-risk sell entry. S/L should remain above 1.5400.

Bearish persistence below the level of 1.5170 is needed for a further bearish decline towards the level of 1.5100 initially and then to 1.5050 (bearish Flag projection target).

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Technical analysis of USD/JPY for October 09, 2015 Market Analysis Review

USD/JPY is expected to trade with bullish bias. US indices closed higher on Thursday led by shares in the Consumer Durables & Apparel, Energy and Media sectors. The Dow Jones Industrial Average added 138.46 points, or 0.8%, to 17,050.75. The S&P 500 rose 0.9%, and the Nasdaq Composite gained 0.4%. Nymex crude oil futures gained 3.4% to $49.43 a barrel, while gold prices fell 0.4% to $1144.70 an ounce. The yield on the 10-year Treasury note rose to 2.108%. On the economic data front, initial jobless claims decreased by 13,000 to a seasonally adjusted 263,000 in the week ended on October 3 (274K estimate). Continuing claims came in at 2204K for the week ended on September 26 from revised 2195K the week before. The greenback fell to a six-week low after the minutes of September's Federal Reserve meeting indicated the central bank wants to see higher inflation before raising interest rates. The pair stands above its horizontal support at 1.1230 and has been well supported by its rising 50-period intraday MA. The intraday RSI is above its 50% neutrality area and is well directed. Further upside is expected with the next horizontal resistance and overlap set at the 119.85 level (high of October 2) at first. A break above this level would call for further advance towards 120.65 in extension.

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 120.65 and the second target at 120.90. In the alternative scenario, short positions are recommended with the first target at 119.45 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 119.20. The pivot point is at 119.85.

Resistance levels:120.65 120.90 121.45

Support levels: 119.45 119.20 118.75

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Technical analysis of Gold for October 09, 2015 Market Analysis Review

Technical outlook and chart setups:

Gold was pushed through the levels of $1,157.00 today before pulling back. Please note that the yellow metal might correct itself towards $1,125.00/30.00 now before rallying further up. It is hence recommended to book partial profits and look for an opportunity to add further on corrections. Immediate support is seen at the level of $1,136.00 levels (Fibonacci 0.382) followed by $1,125.00, $1,100.00, and lower, while resistance is seen at $1,170.00 and higher. The metal remains in control of bulls until prices stay above a lows of $1,105.00, reached on October 02.

Trading recommendations:

Book partial profits and look to add further at lower levels.

Good luck!

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Technical analysis of NZD/USD for October 09, 2015 Market Analysis Review

NZD/USD is expected to continue its upside movement. The pair validated a "bullish flag" pattern yesterday and resumed its uptrend. A strong support base around 0.6625 has been formed, and it should limit the downside room. The intraday RSI also confirmed a positive outlook, and is in the buying area (above 50), but is not yet overbought (above 70), which suggests that the pair may still have potential to go up. To sum up, as long as 0.6625 is not broken, an advance to 0.6745 and 0.6775 in extension would be on the cards.

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 0.6745 and the second target at 0.6775. In the alternative scenario, short positions are recommended with the first target at 0.6580 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.6550. The pivot point is at 0.6625.

Resistance levels: 0.6745 0.6775 0.68 Support levels: 0.6580 0.6550 0.6515 0.6475

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Technical analysis of USD/CHF for October 09, 2015 Market Analysis Review

USD/CHF pair is under pressure. The pair is still moving sideways within the trading range between 0.9690 and 0.9520, and is likely to test the lower boundary in sight. The risk of a break below the threshold remains high, as the RSI indicator is negative, and favors a new decline. In conclusion, the outlook remains negative, as long as 0.9690 holds on the upside. A downside breakout of 0.9690 would trigger bearish acceleration towards 0.9550.

Trading recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 0.9640. A breakout of that target will move the pair further downwards to 0.960. The pivot point stands at 0.9725. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 0.9765 and the second target at 0.9795.

Resistance levels: 0.9730 0.9765 0.9795

Support levels: 0.9550 0.9520 0.9475

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USD/CAD intraday technical levels and trading recommendations for October 9, 2015 Market Analysis Review

Overview:

A bullish breakout above the zone of 1.2770-1.2800 was observed on July 15.

The long-term bullish target was projected towards the level of 1.3270 (100% Fibonacci Expansion). However, bulls overcame this level three weeks ago.

However, bearish persistence below 1.3270 (Fibonacci Expansion 100%) and 1.3075 (significant Support) is needed to maintain enough bearish pressure to expose the next support levels around 1.2910, and 1.2750 where long-term buy entries should be considered.

The level of 1.3075 constitutes the recent resistance level to be watched for intraday sell entries.

Trading recommendations:

Conservative traders should wait for more bearish pullbacks towards the recent breakout zone (1.2800-1.2750) for a valid buy entry as the breakout level acts as a strong support level.

S/L should be located below the level of 1.2700. T/P levels should be located at 1.2850 and 1.2900.

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Technical analysis of GBP/JPY for October 09, 2015 Market Analysis Review

GBP/JPY is expected to trade with bullish. The pair is trading above its rising 20-period and 50-period MA. The 20-period MA is above the 50-period one. The intraday RSI is above its neutrality level at 50%. Nevertheless, the pair currently faces a challenging support area at 183.85, which should limit the upside potential. As long as 183.85 is not broken, the pair is likely to move to to 184.85.

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 184.85 and the second target at 185.40. In the alternative scenario, short positions are recommended with the first target at 183.30 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 182.70. The pivot point is at 183.85.

Resistance levels: 184.85 185.40 186

Support levels: 183.70 182.70 182

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Technical analysis of EUR/JPY for October 09, 2015 Market Analysis Review

Technical outlook and chart setups:

The EUR/JPY pair is approaching resistance around the 137.00 levels for now. Besides, please note that the pair has hit its first Fibonacci target around the 136.77 levels as well. It would not be a surprise if the pair corrects itself before rallying further again. It is therefore recommended to exit long positions for now and look to re-enter at lower levels again. Immediate support is seen at the 135.00 levels followed by 134.00, 133.00 and lower, while resistance is seen at the 137.00 levels (interim) followed by 138.00/139.00 and higher respectively.

Trading recommendations:

Exit long positions and remain flat for now.

Good luck!

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Technical analysis of USD/CAD for October 9, 2015 Market Analysis Review

Overview:

• The ssupport was broken turning to resistance located at the same key level (1.3144). Also, it should be noted that the level of 1.3144 is coinciding with a ratio of 38.2% Fibonacci retracement levels. So, the USD/CAD pair has already faced resistance at the level of 1.3144 and the double top was formed at the same level. Equally important, the price has been trapping below the resistance level since yesterday. Furthermore, the price is moving between 1.3144 and 1.2950. Therefore, the USD/CAD pair started showing the signs of the bearish market. Hence, the market indicates the bearish opportunity at the level of 1.3068/1.3144 with the first target at 1.2950, and continues towards the level of 1.3012 again. It should be noted that the level of 1.2951 coincides with a ratio of 00% Fibonacci retracement levels. On the other hand, the stop loss should always be taken into account, for this reason it will be wise to set your stop loss at the 1.3168 price. Also, it should be noted that the level of 1.2980 represents the last swing of the USD/CAD pair in the H1 and H4 charts. Consequently, the pair is going to face the second resistance at the level 1.2906 in coming hours.

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Intraday technical levels and trading recommendations for GBP/USD for October 9, 2015 Market Analysis Review

Few months ago, the market was pushed above the weekly key zone around 1.5550 in an attempt to reach the area of 1.5900, which has been providing the GBP/USD pair with evident resistance.

The previous weekly candlestick closure above 1.5500 hindered a further bearish decline and enhanced the bullish side of the market towards 1.5670 (previous weekly high) and 1.5780 (61.8% Fibonacci level).

However, recent weekly candlesticks came as bearish engulfing candles, closing below the level of 1.5450 (neckline of the Head and Shoulders pattern).

It supports the bearish side of the market in the long term. An approximate projection target should be located at the level of 1.5050 for the reversal pattern.

In the short term, the nearest demand level is located around 1.5170 (recent weekly bottom and the origin of a previous bullish engulfing weekly candlestick).

Weekly persistence below the zone of 1.5170 (the current demand level) is mandatory to allow the further bearish decline to occur.

On the other hand, persistence above it hinders the current bearish momentum giving time for more sideways consolidations which may extend towards the price level of 1.5350.

Prominent supply/resistance is seen around the level of 1.5770 (prominent 61.8% Fibonacci level) where the right shoulder of the depicted bearish reversal pattern is observed.

That is why, the valid sell entry was suggested for retesting at 1.5770 one month ago. All of its targets were successfully achieved.

Moreover, the previous bearish movement found its way towards the level of 1.5200 (prominent demand level), which prevented further bearish decline.

Instead of it, evident bullish candlestick took place around 1.5200-1.5170 (resulting in bullish engulfing daily candlesticks) leading to the recent bullish pullback towards 1.5600 (the backside of the depicted uptrend). It applied significant bearish pressure to the GBP/USD pair.

As anticipated, obvious bullish pressure was expressed around the zone of 1.5150-1.5200 (previous prominent weekly bottoms). Since then, bulls have been pushing towards 1.5350.

Note that daily fixation below 1.5150 is needed to allow bearish movement to occur towards the level of 1.4970 (weekly demand level).

On the other hand, the level of 1.5350 remains the significant supply level to be watched for valid intraday sell entries. It is being tested today.

Trading Recommendation:

A valid sell entry can be offered around the price level of 1.5350 as it corresponds to a prominent previous bottom. SL should be placed above 1.5450.

On the other hand, a low-risk buy entry can be offered around the weekly demand level (1.4970) if a bearish breakdown of 1.5150 occurs soon. S/L should be placed below 1.4930.

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Technical analysis of GBP/CHF for October 09, 2015 Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF pair is seen to be testing its resistance, which turned into support trend line around the 1.4730/40 levels for now. The pair is expected to turn bullish from current levels until the 1.4600/80 lows remain intact. It is hence recommended to remain long for now with risk around the 1.4600 levels. Immediate support is seen at the 1.4650 levels followed by 1.4600 and lower, while resistance is seen at the 1.5100 levels followed by 1.5350, 1.5400/10 and higher. A drop below the 1.4600 levels would target the 1.4400 levels on the downside.

Trading recommendations:

Remain long, stop is at 1.4600, target is open.

Good luck!

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Intraday technical levels and trading recommendations for EUR/USD for October 9, 2015 Market Analysis Review

The pair moved lower after breaking below major demand levels around 1.2100 and 1.2000 where historical bottoms were previously established back in July 2012 and June 2010.

EUR/USD bears have already pushed the price slightly below the monthly demand level of 1.0550 (established in January 1997). Bullish recovery was observed shortly after.

April's candlestick came as bullish engulfing one. However, the next monthly candlesticks (May, June, July, and August) reflected the recent bearish rejection, which exists around the level of 1.1450.

In the long term, a projected target is still seen at 0.9450 if a bearish breakdown of the monthly demand level at 1.0550 occurs soon.

On the other hand, a bullish corrective movement towards 1.1500 can take place only if the monthly high at 1.1465 gets breached.

It can be achieved if the current monthly candlestick closes above the weekly high of 1.1465 by the end of the current month (low probability considering September's monthly candlestick that is obviously bearish).

Multiple ascending bottoms were established around the levels of 1.0830 and 1.1020. These levels corresponded to the current daily uptrend depicted on the chart.

Continuous bullish pressure took place until significant bearish resistance was faced around the levels of 1.1480 and 1.1700.

The market looked overbought as bulls were pushing the price further beyond the level of 1.1500 (daily supply level).

Hence, a bearish movement towards the level of 1.1150 (61.8% Fibonacci level) took place, which provided evident bullish rejections several times in a row (note the recent daily candlesticks during last week's consolidations).

Previously, the intraday supply zone of 1.1360-1.1400 provided significant bearish rejection. An intraday sell entry was suggested with T/P levels placed at 1.1150 (achieved) and 1.1050 which was not reached as the price level of 1.1150 prevented further bearish decline.

Daily persistence below the level of 1.1150 (61.8% Fibonacci level) was needed to expose the next demand level around 1.0980 where the daily uptrend comes to meet the EUR/USD pair. However, bullish demand was expressed around the 1.1150 level, which led to the current pullback towards the intraday SELL ZONE at 1.1370-1.1400.

Conservative traders should wait for a bearish correction towards the zone of 1.0980-1.1000 (the depicted uptrend line) for a low-risk buy entry. S/L should be placed below 1.0950.

T/P levels should be placed at 1.1080 and 1.1160.

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EUR/NZD : analysis for October 09, 2015 Market Analysis Review

Overview:

Recently, EUR/NZD has been moving downwards. As we expected, the price tested the level of 1.6838. In the daily time frame, we can observe a supply bar in an average volume. The intraday trend is neutral. On the H1 chart, we can observe a strong downward trading channel, so be careful when buying EUR/NZD. Also, we can observe weakness near the level of 1.6950. I had placed Fibonacci retracement to find potential mid-term support levels and got Fibonacci retracement 38.2% at the level of 1.6860 (on the test), Fibonacci retracement 50% at 1.6280, and Fibonacci retracement 61.8% at 1.5740. Watch for potential selling opportunities after retracement.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.7065

R2: 1.7125

R3: 1.7220

Support levels:

S1: 1.6870

S2: 1.6815

S3: 1.6715

Trading recommendations: Be careful when buying and watch for potential selling opportunities.

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Gold: analysis for October 09, 2015 Market Analysis Review

Overview:

Since our last analysis, gold has been trading upwards. As we expected, the price tested the level of $1,154.47. An intraday trend is upward. In the daily time frame, I found a trading range between $1,170.00 (resitance) and $1,098.50 (support). In the H1 time frame, we can observe strength (massive selling climax) around the level of $1,140.00. Support at the level of $1,142.00 was successfully held, so watch only for potential buying opportunities. I am waiting for a clear breakout of the trading range in a high volume to confirm further short and mid-term direction. Anyway, intraday buying opportunities are preferable. The level of $1,170.00 is the first strong resistance.

Daily Fibonacci pivot points :

Resistance levels

R1: 1,146.65

R2: 1,148.31

R3: 1,151.41

Support levels:

S1: 1,140.30

S2: 1,138.45

S3: 1,134.40

Trading recommendations: Be careful when selling gold at this stage and watch for potential buying opportunities on the dips.

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Global macro overview for 09/10/2015 Market Analysis Review

Global macro overview for 09/10/2015:

Yesterdays BoE rate decision did not surprise the market participants as the MPC had voted 8-1 to keep the interest rates unchanged at the level of 0,5%. The risk of a further global slowdown against a resilient domestic demand and consumer spending were blamed for the inflation expectation might not be able to hit 1% before Spring 2016. Despite the recent wage growth and pick up in UK manufacturing and services, the unit-labor costs are not strong enough to push the inflation expectation above the 2% BoE target.

The GBP/USD pair's response was bullish and the market has recently hit the 50%Fibo at the level of 1.5380. The next resistance is seen at the level of 1.5447 (61%Fibo) and support is seen at the level of 1.5261.

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Global macro overview for 09/10/2015 Market Analysis Review

Global macro overview for 09/10/2015:

Yesterday's FOMC minutes had confirmed a dovish outlook for the monetary policy including a rate hike possibility postponed until the next year. Moreover, the minutes revealed that the policy makers acknowledged the global sluggish recovery and increased downside risk of the economic activity mainly due to the inflation expectations. After the Fed minutes release, EUR/USD hit an over 2-week high and USD/CHF hit a near 3-week low.

The EUR/USD pair is still trading inside of the range zone. It recently has hit the 61%Fibo at the level of 1.1324. Currently, the nearest resistance is seen at the level of 1.1459 and support is found at the level of 1.1276.

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USDX technical analysis for October 9, 2015 Market Analysis Review

The US dollar index has broken the short-term triangle pattern and short-term support at 95.20 and is moving lower. The short-term trend is bearish. The longer-term bullish flag pattern is still valid as the price continues to trade within a big trading range where we prefer to stay neutral.

Red line - resistance

Green line - support

The US dollar index was rejected at the resistance a few days, and I would turn bullish only if we break out above 96.60. I preferred to stay neutral. The price has moved towards the lower triangle support at the green trend line where we first saw a bounce and the second time we broke below support. The price is also below the Ichimoku cloud therefore bears remain in control.

Green line - weekly support

Red line -weekly resistance

The US dollar index is testing the weekly Ichimoku cloud support. The price remains inside the bullish flag trading range. The long-term trend remains neutral. However, the stop level for any long position should be at 92.70 (June's low). Will the cloud support hold the decline and produce a bounce? More aggressive traders could try long positions with stop at 94 or 94.50. A bounce from this support area can be justified. More defensive traders should wait for a breakout of the flag.

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Gold technical analysis for October 9, 2015 Market Analysis Review

Gold price held above the 38% Fibonacci retracement making another try to break above short-term resistance and the long-term triangle pattern. This week's close is very important as a close above $1,155 will imply that gold price is heading towards $1,200.

Red line - resistance

Gold price is trading above the Ichimoku cloud testing the red trend-line resistance. I remain bullish as long as we are above $1,100 and expect gold price to a break upwards and make a move towards $1,200 over the coming weeks.

Black lines - triangle pattern

The weekly candle has held above the Tenkan-sen support and is testing $1,155 where the kijun-sen resistance is found. The price is slightly above the triangle pattern and this is a bullish sign. A rejection here could bring gold price back to $1,120. However, the breakout could push the price to $1,200 in the next weeks.

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Technical analysis of EUR/JPY for October 9, 2015 Market Analysis Review

General overview for 09/10/2015 09:30 CET

An upward move has finally started showing some impulsive signs in wave progression. According to the Elliott wave count, the market is now in wave (iii) green of the overall upward progression and it should reach the level of 137.47 as the first target projection for wave (c) blue.

Support/Resistance:

137.44 - Technical Resistnace

136.12 - WR2

136.00 - Intraday Resistnace

135.43 - WR1

Trading recommendations:

Daytraders should consider opening buy orders from the current price levels with SL below the level of 135.98 and TP at the level of 137.44.

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Technical analysis of USD/CAD for October 9, 2015 Market Analysis Review

General overview for 09/10/2015 09:30 CET

The current downward wave development is about to terminate as the whole move downward looks completed. The suggested wave alternative count where wave (iv) green should travel a little higher in order to complete the corrective cycle, which was invalidated. Now only the main count is valid. One small sub-wave is needed to complete wave (v) green of wave (c) blue and the projected target is around the level of 1.2919.

Support/Resistance:

1.3229 - Weekly Pivot

1.3217 - Green Impulsive Count Invalidation Level

1.3133 - Intraday Resistance

1.3062 - Intraday Resistance

1.3000 - WS1

1.2970 - Intraday Support

Trading recommendations:

Swing traders should consider opening buy orders from the current levels with SL below the level of 1.2900 and TP open for now.

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Daily analysis of major pairs for October 9, 2015 Market Analysis Review

EUR/USD: This pair is now making some bullish attempts as the price stays above the support line at 1.1250. The most probable expected direction is bullish (as the reality shows), and we can see further bullish attempts here. There could be another 100-pip movement today or next week, which would make the price go above the resistance line at 1.1350, targeting another resistance line at 1.1400.

USD/CHF: There is a vivid Bearish Confirmation Pattern in this market, as it comes under pressure. The bearish outlook is currently valid. The EMA 11 is below the EMA 56 and the Williams % Range period 20 is moving into the oversold territory again, signifying a measure of weakness in the market.

GBP/USD: The GBP/USD pair performed a nice bullish movement this week, an effort that could continue next week. The distribution territory at 1.5350 was tested with intent to break it to the upside. With further buying pressure in the market, the distribution territory would be eventually overcome.

USD/JPY: The outlook for this currency trading instrument remains unchanged until the condition mentioned here is fulfilled. Owing to the ongoing struggle between bulls and bears, the currency trading instrument has become quite choppy because there is not yet a strong directional movement. By the next week, the price would either break the supply level at 121.00 to the upside or break the demand level at 118.00 to the downside. This condition must be fulfilled before it can be said that the consolidation phase in the market is over.

EUR/JPY: The recent "buy" signal that was generated on the EUR/JPY pair remains in place. In the context of an uptrend, the price has not moved that much. Today or next week would reveal the next direction in the market, because the situation is dicey right now. A serious breakout is expected and it would happen soon.

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Elliott wave analysis of EUR/NZD for October 9, 2015 Market Analysis Review

Technical summary:

We are reaching the first downside target at 1.6781. In the short term, we will see minor resistance at 1.7016 protecting the upside for a decline to 1.6781. A breakout above minor resistance at 1.7016 indicates that the bottom is in place for a rally back to at least 1.7125. Above here, we expect the first strong indication that wave 2 is over and a new impulsive rally is developing.

Trading recommendation:

If you are short EUR then move you stop lower to 1.7020 and keep your take profit at 1.6790. You might even consider buying EUR at 1.6790 with a stop at 1.6680.

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Elliott wave analysis of EUR/JPY for October 9, 2015 Market Analysis Review

Technical summary:

We are going nowhere at the moment. Red wave ii is still unfolding, but should be coming to an end soon and should lead to a break above minor resistance at 135.71 for the next impulsive rally towards 138.08 in red wave iii. Wave iii is likely to extend even more greatly.

The short-term support is seen at just below 134.40 and will ideally protect the downside for a break above minor resistance at 135.71. It will take an unexpected breakout below support at 133.44 to invalidate the bullish outlook.

Trading recommendation:

We are long EUR from 135.10 with stop placed at 133.45. If you are not long EUR yet, then buy near 134.40 with stop placed at 133.45

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For detail explanation and best discovery on daily market trends and news you may visit via Elliott wave analysis of EUR/JPY for October 9, 2015 . Thanks for your support.

Technical analysis of EUR/USD for October 9, 2015 Market Analysis Review

Overview:

• Due to the previous events, the EUR/USD pair is still trading between the levels of 1.1307 and 1.1221. Therefore, it is recommended to be careful while making deals inside this area. Also, it should be noted that the market showed the signs of instability. The trend movement was controversial as it took place in the narrow sideways channel (the range will be from the level of 1.1221 and the 1.1307 level). Therefore, it is necessary to wait for a sideways channel, which is passed through. Then the market will probably show the signs of a bullish trend because the support has already set at the level of 1.1221. In other words, buy deals are recommended above the level of 1.1221 with the first target at the level of 1.1307 to test the resistance. From this point, the pair is likely to begin an ascending movement to the point of 1.1221 and further to the level of 1.1360. The level of 1.1360 will act as strong resistance in order to form a new double top. Furthermore, it should be noted that the double top will set at 1.1325. Nevertheless, if the pair fails to pass through the level of 1.1307, the market will indicate a bearish opportunity below the minor resistance level of 1.1307. So, sell deals are recommended below the level of 307 in the long term with the first target at 1.120. The pair is likely to turn downwards continuing the development of the bearish trend to the level 1.1189.

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For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of EUR/USD for October 9, 2015 . Thanks for your support.