EUR/USD: The EUR/USD pair did not move very much yesterday.
The little movement that was seen was towards the downside – in the context of an
uptrend. For the current bullish outlook to become illogical, the support lines
at 1.1000 and 1.0950 must be broken to the downside: otherwise the price could
make some renewed bullish attempts.
pair continues to move sideways while the overall outlook is bullish. What can
invalidate the bullish outlook is an event when the price closes below the
support level at 0.9650. But in case it does not happen, this week we can see
some bullish attempts, especially if the USD tries to amass lots of
GBP/USD: The distribution territory at 1.5650
has done its job again on Monday, restricting bullish effort successfully.
This distribution territory has flatly rejected sincere bullish efforts for the
past several weeks, and the price has trended lower, moving below the distribution
territory at 1.5600. The accumulation territory at 1.5550 could be tested
USD/JPY: The Big Picture on this currency trading
instrument shows that there is no dominant trend in the market. Upswings and
downswings are often short-lived and sustained trending moves are rather rare. It
is expected that the price would either go above the supply level at 125.50 or
below the demand level at 123.50. Should this happen, it would mean a strong
bullish or bearish outlook.
EUR/JPY: The EUR/JPY pair moved downwards by only 50 pips yesterday.
Now the price is close to the demand zone at 137.50; and there is another
demand zone at 137.00. Serious buying pressure is, therefore, needed to send
the price upwards again.
The material has been provided by InstaForex Company – www.instaforex.com