It is noteworthy that the EUR/USD pair has been able to breach the resistance line at 1.0600 to the downside, where one of the strongest bearish movements could be triggered this month. The great support line at 1.0500 seems to be the next target for bears. Should bears hold out long enough, the support line could be breached to the downside.
currency trading instrument has continued its slow and steady journey to the
upside. The great psychological level at 1.0000 has already been breached to the
upside as the price is currently battering the resistance level at 1.0100. Should bulls hold out long enough, the next target would be another resistance level
GBP/USD: All attempts made by bulls to effect a bullish
reversal in this market have been rendered useless. Yesterday, the price closed
below the distribution territory at 1.4950, after testing the accumulation
territory at 1.4900. With further selling pressure in the market, the
accumulation territory would be breached to the downside.
USD/JPY: Although the outlook on this pair is bullish,
there has not been a significant movement to the upside since yesterday.
However, this tardy movement may change as some fundamental figures are
expected today and they will have impact on the markets.
currency trading instrument has plummeted by over 300 pips this week and it
would continue doing so as long as the euro is weak. The price is below the EMA
11, which itself is below the EMA 56; and the RSI period 14 is below the level
50. This shows a Bearish Confirmation Pattern: the downtrend may continue.
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