recent bearish breakout on the EUR/USD pair is a threat to the current bullish
outlook in the market. It is not wise to place long trades at this moment,
unless the price goes above the resistance line at 0.2450. However, the price is more likely to settle below the support line at 1.2300, which
would result in a Bearish Confirmation Pattern.
recent bullish breakout on USD/CHF is a threat to the current bearish
outlook in the market. It is not wise to place short trades at this moment,
unless the price goes below the support level at 0.9650. However, the price is more likely to settle above the resistance level at 0.9750, which
would result in a Bullish Confirmation Pattern.
GBP/USD: Like EUR/USD, this currency trading instrument also broke out downwards, testing
the accumulation territory at 1.5500. The accumulation territory may eventually
be breached to the downside. Moreover, some fundamental figures are expected
today and they would have an impact on the markets.
pair has been making consistent bullish effort as the price has gone upwards by
over 300 pips, after testing the demand level at 115.50. The price is above the
EMA 56 and the RSI period 14 is above the level 50. Things have turned bullish.
EUR/JPY: This cross is also making bullish effort, but
its success is less when compared to the USD/JPY pair. The market is currently
volatile and choppy, and it would be OK to wait for a good opportunity to enter
The material has been provided by InstaForex Company – www.instaforex.com