EUR/USD: The EUR/USD pair has moved upwards by 500 pips
since last week. The price spiked even higher, testing the resistance line at
1.1700 before retracing a little bit. Based on the price action in the market,
there is still a tendency for the price to move further north. So the
resistance line at 1.1700 is the target for this week.
pair has moved downwards by 400 pips since last week, and there is still more
room for the price to move southward. Unless the resistance levels at 0.9450
and 0.9500 are breached to the upside, the bearish outlook would continue to be
GBP/USD: Bull and bear have continued fighting for
supremacy on the cable. Owing to the current persistent effort of bulls,
there is a Bullish Confirmation Pattern in the market, since the price has gone
above the accumulation territories at 1.5700 and 1.5750, the distribution
territory at 1.5800 is the next target to be reached by bulls.
USD/JPY: Since last week, this currency trading
instrument has moved southward by 600 pips. This is one of the strongest
movements in this market this year, and there is still more room for the
bearish movement to run. In spite of the recent upwards bounce in the market
(from the demand level at 116.50 to the supply level at 119.00), the outlook
remains clearly bearish.
EUR/JPY: The sudden large pullback that happened on
this cross on Monday jeopardized the bullish outlook in the market; neither there is a clear bearish signal yet. This is due to the great strength in the yen, and it would be OK to stay away from this market until we see what would
The material has been provided by InstaForex Company – www.instaforex.com