EUR/USD: The EUR/USD pair is also in a downtrend, as it
was said at the beginning of this week. The resistance line at 1.3350 has been
broken; the price is now trading below it. The next target in the market is
the support line at 1.3300. The aforementioned resistance line would be an obstacle to any rallies that may occur along the way.
contrast to what EUR/USD is doing, this pair is going upwards. Our target
for this week is situated at the resistance level at 0.9100, which could be
tested as it was tested last week. With the continuation of the bullish strength,
the resistance level could be breached to the upside. Should the price close
above that level, the next target would be the resistance level at 0.9150.
GBP/USD: The GBP/USD pair has gone below our target at 1.6650. The currency pair is likely to go towards another accumulation territory at 1.6600. The Bearish Confirmation Pattern in the chart
is so strong that the possibility of the downward movement is greater than the possibility
of it going upwards.
USD/JPY: This trading instrument is currently strong – a result of the strength in the USD and
the weakness in the JPY. The price is trading above the demand level at 102.50,
going towards the supply level at 103.00. That supply level is our first target
for the week.
EUR/JPY: In the
EUR/JPY chart, the market remains flat. It seems that the EUR and JPY have
equal strength, and this issue has to go out of balance, so that a trending
movement can begin. The RSI period 14 is below the level 50, and therefore, the
price has the potential to go south.
The material has been provided by InstaForex Company – www.instaforex.com